N Korea yet to be tamed but South Korea’s trade with China improves significantly
Seoul, Dec 19: Although the two countries have had their share of tussles, China's trade volume with South Korea was worth over $247 billion in the first 11 months of 2018, equalling the level which was prevalent before the diplomatic row that broke out over the deployment of an anti-missile system, The Korea Herald cited government data as showing on Wednesday, December 19.
China has been South Korea's top export and import market since the two countries' trade pact was signed in December 2015, accounting for nearly 25 per cent of Seoul's trade turnover and about two times the volume with the US, its long-term ally, South Korea's Ministry of Trade, Industry and Energy said.
South Korea's exports to China recorded $150.3 billion and grew over 17 per cent year-on between January and November this year, the ministry added. The rise in the exports to China was caused by semiconductors, petroleum goods and computers which is largely because of Beijing's push for bettering its information technology and high-tech manufacturing business, The Korea Herald added.
"South Korea is seeing an increase in trade volume with China and Vietnam. Trade with China that had dropped to the lowest in 2016 and rose last year has almost recovered to before China's retaliation over THAAD deployment," the ministry was quoted as saying. THAAD or Terminal High Altitude Area Defense is a missile defence system of the US that South Korea had agreed to deploy on its land despite China's strong objection. The missile system was aimed at strengthening the defence against North Korea's nuclear ambitions by the US.