The export volume and import volume from South Korea to China have increased greatly by 18.1% and 29.9% respectively. While the export volume of steel from China to South Korea has an increase of 58.7%.China has become the largest trade partner of South Korea.
According to the report /Import and Export Trend 2007/, released by Ministry of Commerce, Industry and Energy (MOCIE), Republic of Korea, Sino-South Korea total trade volume amounts to 140.5 billion USD in 2007, making China become the largest trade partner of South Korea, while the total export volume from South Korea to China comes to 79.3 billion USD, leading China becomes South Korea's largest export country.
The import volume from China to South Korea increases from 48.6 billion USD in 2006 to 61.2 billion USD in 2007.The increase rate is 29.9%, including iron and steel products (up 58.7%), agricultural products (up 53.8%), semiconductors (up 36.1%) and consumer electronic products (up 18.4%) with a particularly robust momentum. While the export volume from South Korea to China increase from 69.5 billion USD in 2006 to 79.3 billion USD in 2007, up 18.1%, including LCD equipment (up 113.2%), basic industrial machinery (up 39.2%) and wireless communication equipment (up 34.0%).
Korea International Trade Association (KITA) expresses: "The trade volume between South Korea and China increases from 6.4 billion US dollars at the beginning of the establishment of diplomatic relation to 140.5 billion US dollars in 2007.It has increased 20 times during 15 years. With a double-digit growth, China market has a powerful attraction for South Korea. At the same time, China is a good trade partner as well as a competitor of South Korea, with mutual promotion and common development."
