Korea: Q1 export to China decline-Korea Trade Association

Korea: Q1 export to China decline-Korea Trade Association

June 13, 2019

Korea Trade Association: International Trade Research Institute (see Table 1)

First-quarter exports to Korea were $ 132,674 million, down 8.54% from the same period last year.

Country Export Value:

Export destination number one: China decreased 17.32% to $ 31,816 million,

Export destination second place: The United States increased 12.85% to $ 17,698 million,

Exports to China decreased sharply.

Export to China: top 20 items in decline (see Table 2)

Items that have decreased by two digits or more compared to the same period last year

Liquid crystal devices (45.7% decrease),

Semiconductor, light emitting diode (down 41.1%),

Memory (39.3% decrease),

Gas oil (33.0% decrease),

Machinery (27.6% decrease),

Equipment for panel display manufacturing (down 21.8%),

Printed circuit (15.5% decrease)

The decline in exports of intermediate goods (China, raw materials for production) such as electric and communication equipment is noticeable.

US: Additional tariff response to China

Korean companies are showing concrete movements.

LG:

Transfer of refrigerator production to the US (currently produced at a plant in Taizhou, Zhejiang, China) to a plant in Korea

Samsung:

Transfers refrigerator production for the US (produced in China) to a plant in Thailand (Korean economic newspaper).

-JETRO