Menu Content
Go Top

Economy

S. Korea's Exports to China Soar 162 Times over 30 Years since Establishment of Diplomatic Ties

Written: 2022-08-23 09:11:52Updated: 2022-08-23 10:07:59

S. Korea's Exports to China Soar 162 Times over 30 Years since Establishment of Diplomatic Ties

Photo : YONHAP News

South Korea's overall exports have increased nine times over the past three decades since it established diplomatic ties with China, but its exports to China alone have soared more than 160 times over that period.

According to the Korea International Trade Association on Tuesday, South Korea's shipments to China increased 162-point-four times from about one billion dollars in 1991 to 162-point-nine billion dollars in 2021.

In comparison, the country's overall exports grew nine times from 71-point-eight billion dollars to 644 billion dollars during the cited period.

The country's shipments to the United States and Japan increased five-point-two times and two-point-four times, respectively, during the period.

In 1991, before the establishment of diplomatic ties between Seoul and Beijing, China was South Korea's 15th biggest export market, with the U.S. being the biggest.

In 1992, when the diplomatic ties were established, China climbed to sixth place before moving up to third in 1996 and second in 2001.

In 2003, China became South Korea's biggest export market and retained the position for the next 20 years.

Editor's Pick

Close

This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >