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 United States for the time being," said Seo Young-gyeong, chief of the Bank of Korea's research department.
(People’s Daily November 14, 2002)
