The nation’s exports to the U.S. are expected to account for 15 percent of overall exports for the first time in 17 years this year.
The Federation of Korean Industries(FKI) released the projection on Wednesday after comparing South Korea’s cumulative exports to the U.S. from 2017 to this year to the period from 2012 to 2016.
The business lobby found that exports to the U.S. climbed 17-point-nine percent during the compared periods while exports to China only rose by seven-point-one percent.
In particular, the federation said exports to the U.S. surged 31 percent on-year this year and are expected to account for 15 percent of total exports. That would be the highest rate posted since 2004 when exports to the U.S. accounted for nearly 17 percent of all exports.
Meanwhile, shipments to China are likely to take up some 25 percent of the nation’s total exports this year, down from about 27 percent in 2018.
The federation said it estimated the country's total exports for this year based on performance posted in the first ten months.