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Dependence on Japanese Key Material Imports at All-time Low

Written: 2022-07-20 14:23:24Updated: 2022-07-20 15:36:09

Dependence on Japanese Key Material Imports at All-time Low

Photo : YONHAP News

South Korea's dependence on Japanese materials, parts and equipment fell to a record low in the first half of this year.

According to trade ministry data on Wednesday, imports of Japanese materials, parts and equipment barely surpassed 20 billion dollars during the January-to-June period, accounting for 15-point-four percent of total imports of such items.

The latest percentage is the lowest for any half-year period since data began to be compiled in 2012. Compared to ten years ago, the figure is down by nearly nine percentage points.

Dependence on key Japanese materials began to decline noticeably after Tokyo imposed export curbs in 2019.

South Korea’s overall imports of materials, parts and equipment, however, jumped 33 percent since 2019, indicating that shipments from other countries have increased.

Reliance on Japan is expected to further drop as the government begins diversifying import channels and accelerating domestic production.

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