Is South Korea's 28 -year trade surplus in China?Korean media: Han ’s overall trade deficit will soar in the future

[Global Times special reporter Zhang Jing in South Korea] According to the "Korea Daily" report on the 12th, the latest statistics of South Korean Customs show that as of the 10th of this month, South Korea's cumulative trade deficit was $ 15.88 billion, setting the largest historical record in the same period. In particular, the export of about 25%of South Korea's exports has decreased by 9%, which has led to the expansion of the deficit in South Korea since July. According to the analysis, China is rapidly narrowing its technology gap with South Korea, South Korea's prospects for trade with China are dim, and the overall trade deficit will soar in the future.

It is reported that from September 1994 to April this year, South Korea set a 28 -year trade surplus record for China, but in May and June this year, South Korea's trade with China has been deficit for two consecutive months. From the 1st to 10th of this month, South Korea imported 4.39 billion US dollars to China, greater than the export of 3.465 billion US dollars, which may lead to the overall deficit in China in July. Many trading experts are worried that the trade deficit with the largest trading partner China will overlap with the long -term trade deficit on Japan, which may have a significant impact on the Korean economy.

"With the rapid development of Chinese technology, South Korea's intermediate products exports to China are declining, while the number of Chinese finished products is increasing with the rapid development of Chinese technology. Hua trade in China Trade "earns huge profits." It is estimated that intermediate products account for 80%of South Korea's exports to China. If exports to China decrease by 10%, South Korea's economic growth will decrease by 0.56 percentage points.

According to the report of "South Korea Economy" on the 12th, the latest survey results show that more than 90%of the new energy batteries, semiconductor, automobiles, and aviation parts in South Korean manufacturing are imported from China. Magnesium ingots are important raw materials for aluminum alloy parts to reduce the weight of automobile body and aircraft components. South Korea currently relies on China's imports. The dependence of China's imports of lithium oxide, cobalt oxide, and cobalt sulfate imports on China's imports of new energy batteries also increased from 87.6%last year to 94.5%this year. Some relevant persons in the battery industry said, "Once China cuts off raw materials, Korean battery production may be completely stopped." Not only the raw materials of Korean manufacturing, but South Korea's daily necessities are also high in dependence on China. Taking the Korean insulation container and umbrella as an example, 90%of them are imported from China. If there is a problem with the supply chain between China and South Korea, South Korea may even have chaos in daily necessities.