News Analysis
South Korea, heavily dependent on exports to China, has seen its exports deteriorate further due to China’s economic downturn. Exports to China, once Korea’s largest trade surplus, have turned into its largest deficit since 2023.
According to statistics released by the Korea International Trade Association (KITA) in late March, South Korea’s trade balance with China recorded a deficit of $3.9 billion in January, marking Korea’s largest trade deficit. In the first two months of 2023, the trade deficit with China totaled $5.074 billion. This is the first time that China has become the largest trade deficit country in South Korea in a single month. The trade deficit with China was $2.77 billion last month. As of March, South Korea’s trade deficit with China had continued for six months….