Reported about 1 year ago
As of June 10, 2024, South Korea's exports to the US in the first five months of the year surpassed those to China by $610 million, raising the possibility of the US becoming South Korea's largest export market for the first time in 22 years. This trend follows the US overtaking China as South Korea's largest export market in December last year. Data from various South Korean agencies revealed that from January to May, exports to the US totaled $53 billion, exceeding exports to China which amounted to $52.69 billion. The surge in exports to the US in the automotive and semiconductor industries drove the record high $11.4 billion exports in April. However, China reclaimed the top spot in May with imports totaling $11.4 billion due to demand for electronics and chips, while the US maintained a strong import figure of $10.9 billion. The overall growth in South Korea's exports to the US since 2017 has steadily increased, reaching $115.71 billion in 2023, with exports accounting for 18.3% of the total, surpassing the sum of ASEAN countries at 17.3%. On the other hand, South Korea's exports to China have declined since reaching a historical high in 2021, mainly due to China's slow economic recovery and enhanced self-sufficiency in the supply chain. The report also highlighted concerns over the growing trade surplus with the US, suggesting diversifying the import pipelines for energy and agricultural products and reducing dependence on the US market to alleviate potential risks.
Source: YAHOO