RoK’s exports to Vietnam surge in Q1
The Republic of Korea (RoK) exported more to Vietnam in the first quarter of 2016 compared to the same period last year, while its exports to other nations, particularly China, dropped significantly, reported the Korea International Trade Association (KITA) on April 17.
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In the first three months, the RoK sold commodities worth US$7 billion USD to Vietnam – its third biggest importer, representing a 7.6% annual increase.
By contrast, revenue of the country’s shipments to its number one importer China fell by 15.7% annually to US$28.5 billion, the highest drop in the past seven years.
Regarding the types of products, the number of exported conductors, flat screens, petrochemical products, auto spare parts and synthetic materials plunged during the given period.
Park Jin-woo, head of KITA’s market research office, said China has invested heavily in expanding local conductors manufacturing to reduce imports.
He advised Korean firms to exploit the potential of the household-article market.
Also in Q1, the RoK’s export value to the US and Japan decreased by 3.3% and 13.1% to US$16.8 billion and US$5.5 billion, respectively.
