US overtakes China as South Korea’s top export market for the first time in 2 decades in December
- South Korea exported US$11.3 billion worth of goods to the US in December compared with US$10.9 billion to China
- South Korea’s overall exports rose 5.1 per cent year on year in December, a third monthly increase after a year-long slump
South Korean exports to the US exceeded shipments to China for the first time in two decades last month, in a sign of shifting ties amid global tensions over economic security and tech supply chains.
South Korea sold US$11.3 billion in goods to the US in December compared with US$10.9 billion to China, the trade ministry said on Monday. The switch in positions came as South Korea’s overall exports rose 5.1 per cent from a year earlier – a third monthly increase after a year-long slump.
The change in positions partly reflects China’s economic challenges, which led policymakers to come up with a series of stimulus measures last year. Still, one month’s data does not offer conclusive proof of a conscious or enduring shift in trading patterns.
China remains South Korea’s biggest trading partner by a large margin given the scale of Seoul’s imports from the world’s second-largest economy.
While exports to the US have increased from a year earlier for a fifth month, South Korea said shipments to China also continued to improve.