| China
emerges as biggest export market of S.Korea (11/13/2002)
China has surpassed the United States, emerging as the largest
market for South Korea's export in the first nine months of 2002,
the Bank of Korea said Wednesday.
China's share of imports from South Korea increased 1.9 percent
to 20.3 percent in the past three quarters of this year, which is
slightly higher than the United States' share of 20.2 percent, said
the central bank in a report on the trends and prospects of exports
to China.
It marks the first time China has overtaken the United States in
terms of its share of South Korea's exports market, the bank said.
Although South Korean direct exports to China accounted for a mere
13.9 percent, the Bank of Korea explained that Hong Kong, a conduit
for exports to the Chinese mainland, was also included in the calculation
of South Korean exports to China.
Over the past nine months China-bound exports jumped 19.6 percent
on average. The third quarter posted a sharp growth rate of 35.9
percent, said the report.
The sharp rise in China-bound exports was attributed to China's
robust economic growth rate of about 8 percent, its low level of
tariffs, preparations for the 2008 Beijing Olympic Games as well
as its endeavor for economic development of the western part of
the country.
"Given China's rapid economic growth, compared with the US
poor economic performance, South Korea will export more to China
than to the US for the time being," said Seo Young-gyeong,
chief of the Bank of Korea's research department.
£¨xinhua£©
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