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South Korea'S Imports From China Will Continue To Expand

2008/5/13 15:20:00 22

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South Korea'S Imports From China Will Continue To Expand.

In recent years, under the dual drive of increasing exports and expanding domestic demand, the Korean economy has maintained steady growth of 4% to 5% per year.

China is Korea's largest export destination and the largest source of imports. South Korea's imports from China will continue to expand with the growth of South Korea in 2008.

According to the statistics of Korea customs, in 2007, the products imported by China from Korea, such as iron and steel, agricultural products, semiconductors, household appliances, textiles and computers, grew faster.

Among them, imports of iron and steel, agricultural products and semiconductors increased by 58.7%, 53.8% and 36.1% respectively over the previous year.

In the export products of South Korea to China, the export of basic industry machinery, wireless communication equipment and petrochemical products increased most rapidly, and the export of household appliances and steel products decreased.

As a typical export-oriented economy, South Korea needs to import large quantities of products and raw materials to ensure export.

South Korean customs statistics showed that total imports of South Korea amounted to US $256 billion 690 million last year, an increase of 15.3% over the same period last year.

South Korean government research institutes predict that the import of raw materials will continue to grow, and the import of consumer materials will also maintain a two digit growth. It is estimated that South Korea's imports will increase by 13.1% in 2008, reaching 399 billion US dollars.

At present, the South Korean government is fully promoting the entry into force of the Korea us free trade agreement and actively negotiating with Japan, Canada, Mexico, India and other countries.

The expansion of the FTA agreement will also help Korea's import and export growth.

In 2008, influenced by such factors as the slowdown in the world's major economies such as the United States and the economic growth of the world, the appreciation of the Korean won and the soaring price of oil and raw materials, there were negative factors such as rising prices and increasing export pressure in Korea.

However, from the perspective of Korea's economic trend, the import and export trade of South Korea will continue to maintain rapid growth.

According to the South Korean Research Institute, the economic growth rate of Korea will remain between 4.6% and 5.2% in 2008.

Influenced by positive factors such as increasing personal income, revival of consumer psychology and improvement of employment environment, the growth rate of private consumption in Korea is expected to reach 4% this year.

In addition, the new Korean government's policy on improving the investment environment of enterprises will help to expand the investment of equipment in Korea. It is estimated that the investment in equipment will increase by 6% to 7% this year. These factors will play an important role in promoting the growth of various kinds of raw materials and consumer goods imported by South Korea.

Korean experts believe that the structure of bilateral trade products between Korea and China has strong complementarity. The products and raw materials exported by China to Korea are necessary for Korean economic development, and also conducive to the sustained and stable development of South Korea's economy.

China's exports to Korea in 2008 are expected to increase with the expansion of South Korea's imports.

According to the report issued by the Ministry of Korea's Ministry of Finance in April, the price of Korean imports increased by 23.9% in the first quarter of this year, but the increase in the prices of products imported from China had only 2% to 3% of the total price of imported products, much lower than the increase in the prices of imported products outside China. Therefore, the import of products from China is conducive to the stability of the Korean economy.