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Trade a trade deficit in China for two consecutive quarters! The country is really anxious! The manu

  • Release Date:2022-11-24
Recently, South Korea announced data. Since the establishment of diplomatic relations in 1992, the country has developed a trade deficit for the first two consecutive quarters. What happened?
South Korea's trade deficit with China for two consecutive quarters
South Korea has recently announced data, and the trade deficit in October has reached a record 9.47 billion US dollars (about 70 billion yuan). At the same time, since the establishment of diplomatic relations between China and South Korea in 1992, South Korea has developed a trade deficit for the first two consecutive quarters for two consecutive quarters.
The preliminary data released by South Korean Customs on Monday showed that the country's cumulative trade deficit this year reached 39.968 billion US dollars (about 290 billion yuan), which is the highest record over the years. South Korea's SBS TV stated that the external export situation of the Korean economic pillar is not ideal.
According to South Korean customs data, the export volume in 20 days by November was 16.7%year -on -year to US $ 33.16 billion. According to commodity species, the exports of steel products, wireless communication equipment, precision instruments, ship exports have increased, and exports of automotive and petrochemical products have increased.
According to the export destination, the trade amount of China, the largest trading partner, has fallen by 28.3%, and exports to the EU, Vietnam and Japan have decreased, but exports to the United States have increased. The possibility of continuing South Korean trade deficit has increased significantly.
Zhao Donggen, a professor at the Department of Economics, South Korea knows, said that the economic environment of high interest rates and high inflation next year will continue. It is difficult to export to China. It is difficult to have a large turnaround.
The South Korean Trade Association also said recently that although cyclical factors such as rising raw material prices and the slowdown of global economic slowdown are the main reasons, even if the situation improves, it is unlikely that South Korea's trade with China will have the same surplus because China and South Korea The trade structure is changing.
"Made in Korea" strive to upgrade the Chinese market
South Korea has been a trade deficit in China since May this year. At that time, this was the first time in South Korea's trade deficit to China since 1994. The South Korean government said that the situation was "abnormal and temporary."
Many industry analysts pointed out that South Korea's decline in exports to China and even trade deficit reflects the structural problem of the country. The trend has shown before the outbreak of the new crown epidemic, which is by no means "abnormal and temporary."
According to Hong Kong's "South China Morning Post", China has previously made a large number of intermediate products such as imported monitors and semiconductors from South Korea (components of final products), but China has the ability to produce intermediate products on large -scale production.
In addition, more and more multinational companies have begun to pursue diversification of supply chains. These two major reasons have led to a decline in South Korea's exports to China. Data show that intermediate products still account for the largest proportion of South Korea's exports to China. From January to September this year, such products account for 83.6%of South Korea's total exports to China.
According to the South Korean Trade Association, in order to improve trade imbalances, South Korea must expand its high -tech content to China's intermediate products. In a report, the association said: "It is necessary to ensure that the stable export supply chain system centered on high -tech intermediate products based on core materials and components requires technological innovation to further expand the added value of high -tech intermediate products."
The association also believes that Korean companies should aim at the growing demand for China's consumer market and consider entering more second- and third -tier cities.
Data show that in the past 10 years, South Korea ’s exports to China’ s consumer goods only account for about 3%to 5%of South Korea ’s exports to China.
According to the report, as the Chinese people's income and living standards are increasing, Chinese consumers have greater purchasing power, which has increased the demand for high -end consumer goods. In fact, between 2007 and 2021, the proportion of mid-to-high-end products in South Korea ’s exports to China has increased from 48.1%to 66.6%.
List of other trade with China
Recently, data released by the EU Statistical Bureau showed that in the first three quarters of 2022, the trade volume of the 27 EU countries to China was 641.2 billion euros, an increase of 29.0%year -on -year.
Among them, the export of China was 170.5 billion euros, an increase of 2.8%; the import of imports from China was 470.7 billion euros, an increase of 41.6%; the deficit was 300.2 billion euros, an increase of 81.6%.
China maintains the European Union's largest trading partner, the largest source of imports, and the third largest export market, accounting for 15.5%, 20.9%, and 9.0%, respectively.
Recently, the Ministry of Finance of Japan announced that the trade deficit in October was 2.16 trillion yen (about 140 yen), which has a new high since comparable statistics and a trade deficit in 15 consecutive months.
From the perspective of specific data, Japan exported to China for 1720.2 billion yen in October, an increase of 7.7%year -on -year; during the same period, Japan imported 2391.5 billion yen from China, an increase of 39.3%year -on -year.Japan and China have a total foreign trade of 411.7 billion yen, with a trade deficit of 671.3 billion yen in China, a year -on -year increase of 460%.
Data show that the total imports of goods in India from January to September this year were US $ 551.6 billion, of which the value of goods from China was US $ 79.1 billion, accounting for about 14%of the total import amount.At the same time, the trade deficit with China also expanded from US $ 46.5 billion in the same period last year to $ 75.7 billion.