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Korea's response to long-term slowdown in exports to China

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Frame of Image d a double-digit growth until 2011 (except in 2001 and 2009). However, the growth of exports to China has visibly slowed down to 0.1% y.o.y. in 2012, 8.6% y.o.y. in 2013, and actually contracted in the year to date in 2014. The decline of 0.6% is quite worrisome as it is even lower than the growth rate of Korea’s overall exports (2.3%) or that of China’s overall imports (1.5%) in the same period. Concerns are rising that the stagnant exports to China might not be a temporary problem, but a long-term structural change. The primary reason for the tepid exports to China is an economic slowdown in China, especially its exports to the world.4)3)China’s exports used to grow more than 20% annually between 2002 and 2011, but the rate fell down since 2012, recording 7.9% in 2012, 7.8% in 2013, and 5.6% by November 2014. As for the composition of Korea’s exports to China, primary goods represented 0.5%, consumer goods, 3.1%, capital goods, 24.0%, and intermediary goods, 72.4% (as of 2013). Higher ratio of intermediary goods indicates that the Korea’s export to China is heavily affected by China’s exports to the world. The slowdown in China’s exports is largely due to a delayed economic recovery in advanced economies, but there are other non-cyclical, structural factors including the accumulated effect of RMB appreciation 4) Between 2000 and Q1 2013, Korea’s exports to China grew 21.3% on average, but the number plummeted to 2.8% for the 11 quarters when Chinese economy expanded less th


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Title Korea's response to long-term slowdown in exports to China
Similar Titles
Material Type Reports
Author(English)

Jee, Mansoo

Publisher

Korea Institute of Finance
Date 2015-02
Series Title; No Korean Economic and Financial Review
Pages 3
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding Korea Institute of Finance
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