Exports to China have skyrocketed 162-fold since Korea and China formed bilateral ties 30 years ago. Shown are Minister of Foreign Affairs Park Jin (left) and Chinese State Councilor and Foreign Minister Wang Yi (right) on Aug. 9 holding talks in Qingdao of China’s Shandong province. (Ministry of Foreign Affairs)
By Xu Aiying
Exports to China have skyrocketed 162 times since Korea and China formed bilateral ties 30 years ago.
The Korea International Trade Association (KITA) on Aug. 23 announced shipments to China last year hit USD 162.91 billion, 162.4 times the USD 1.003 billion achieve in 1991, the year before the two countries set up relations.
Over the past three decades, Korea’s overall exports jumped ninefold from USD 71.88 billion to USD 644.4 billion. Those to the U.S. shot up 520% from USD 18.55 billion in 1991 to USD 95.902 billion last year, and those to Japan surged 240% from USD 12.35 billion to USD 30.06 billion during the same period.
In 1991, Korea’s biggest export market was the U.S., followed by Japan, Hong Kong, Germany and Singapore. China ranked 15th at the time.
In 1992, the year both countries set up ties, however, China quickly became Korea’s sixth-largest export market. Eclipsing Japan in 2001 for second place on the list, China became Korea’s largest export market in 2003, a status it has maintained for two decades.
Last year, Korea was China’s fourth-largest export market. Quoting data from China’s General Administration of Customs, KITA said Chinese shipments to Korea last year reached USD 150.52 billion, accounting for 4.5% of China’s overall exports of USD 3.36 trillion.
xuaiy@korea.kr
