Menu Content
Go Top

Politics

Exports to China Dip 27% in First 5 Months of 2023

Written: 2023-06-06 11:17:28Updated: 2023-06-06 15:13:44

Exports to China Dip 27% in First 5 Months of 2023

Photo : YONHAP News

Exports to China in the first five months of the year dropped 27-point-three percent on-year as the decline continues for the 12th straight month in May.

According to trade ministry data, shipments to China from January to May totaled 49-point-seven billion dollars, down from 68-point-four billion dollars a year ago.

The monthly export tally has been falling since June of last year, resulting in a trade deficit with China in every month since with the exception of last September.

Exports to China recorded nine-point-two billion dollars in January, falling below the ten billion-dollar mark for the first time in three years.

Data by the Korea International Trade Association showed that the proportion of shipments to China is constricting as exports fell from 25-point-three percent in 2021 to 19-point-five percent in the first three months of this year, a slump attributed to the impact of COVID-19 on China's domestic demand and its improving self-sufficiency in intermediate goods.

Exports to the United States, meanwhile, recorded a surplus of seven-point-two billion dollars in the first quarter.

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 >