{"id":2200553,"date":"2023-03-29T08:00:46","date_gmt":"2023-03-28T23:00:46","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200553"},"modified":"2023-04-05T16:07:49","modified_gmt":"2023-04-05T07:07:49","slug":"south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/","title":{"rendered":"South Korea\u2019s trade with China goes from record surplus to record deficit"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.kita.net\/cmmrcInfo\/internationalTradeStudies\/researchReport\/focusBriefDetail.do?pageIndex=1&amp;no=2418&amp;classification=1&amp;searchReqType=detail&amp;pcRadio=&amp;searchClassification=&amp;searchStartDate=&amp;searchEndDate=&amp;searchCondition=TITLE&amp;searchKeyword=&amp;continent_nm=&amp;continent_cd=&amp;country_nm=&amp;country_cd=&amp;sector_nm=&amp;sector_cd=&amp;itemCd_nm=&amp;itemCd_cd=&amp;searchOpenYn=\"><span style=\"font-weight: 400;\">trade statistics<\/span><\/a><span style=\"font-weight: 400;\"> from the Korea International Trade Association (KITA) \u2014 a non-profit umbrella economic organization \u2014 South Korea\u2019s trade balance with China recorded a deficit of $3.9 billion in January, marking it the ROK\u2019s largest trade deficit. There are concerns that this year may be the first time South Korea logs a trade deficit with China since 1992. From 2018 to 2022, South Korea consistently logged trade surpluses with China.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, South Korea\u2019s trade surplus last year was much smaller compared to previous years due to China\u2019s economic slowdown as a result of its Zero-COVID policy and rising prices of industrial materials, such as lithium. Analysts expect this trend to continue for the foreseeable future as the U.S. intensifies its chip restrictions on China.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">As China\u2019s economy has advanced and exports more high-end intermediate goods such as <\/span><a href=\"https:\/\/www.reuters.com\/markets\/commodities\/chinese-lithium-price-dives-heated-auto-price-war-2023-03-23\/\"><span style=\"font-weight: 400;\">lithium<\/span><\/a><span style=\"font-weight: 400;\"> and high-end consumer goods such as <\/span><a href=\"https:\/\/www.cnbc.com\/2023\/03\/07\/chinese-giants-make-high-end-smartphone-play-against-apple-samsung.html\"><span style=\"font-weight: 400;\">smartphones<\/span><\/a><span style=\"font-weight: 400;\">, China\u2019s intra-industry trade \u2014 the exchange of similar products belonging to the same industry \u2014 with South Korea is increasing. South Korean businesses need to shift their production to goods and services that draw more demand from Chinese consumers to see trade surpluses with China again. But such production shifts are difficult to predict, much less execute.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Declining trade with China could lead to long-term geopolitical implications for South Korea. Whereas trade with China has begun to log massive trade deficits, South Korea enjoys trade surpluses with other countries such as <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/2023\/01\/04\/business\/economy\/Korea-Vietnam-trade\/20230104183259050.html\"><span style=\"font-weight: 400;\">Vietnam and the U.S.<\/span><\/a><span style=\"font-weight: 400;\"> As South Korea diversifies its trade relations and relies less on China, Seoul could find itself more willing to side with Washington over its rivalry with Beijing in the future \u2014 especially as <\/span><a href=\"https:\/\/www.nknews.org\/2022\/04\/majority-of-south-koreans-prefer-status-quo-with-north-korea-survey-shows\/\"><span style=\"font-weight: 400;\">fewer South Koreans think of North Korea or favor reunification<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>According to trade statistics from the Korea International Trade Association (KITA) \u2014 a non-profit umbrella economic organization \u2014 South Korea\u2019s trade balance with China recorded a deficit of $3.9 billion in January, marking it the ROK\u2019s largest trade deficit. There are concerns that this year may be the first time South Korea logs a trade [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2200553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s trade with China goes from record surplus to record deficit - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s trade with China goes from record surplus to record deficit - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"According to trade statistics from the Korea International Trade Association (KITA) \u2014 a non-profit umbrella economic organization \u2014 South Korea\u2019s trade balance with China recorded a deficit of $3.9 billion in January, marking it the ROK\u2019s largest trade deficit. There are concerns that this year may be the first time South Korea logs a trade [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-28T23:00:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-05T07:07:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1001\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"South Korea\u2019s trade with China goes from record surplus to record deficit\",\"datePublished\":\"2023-03-28T23:00:46+00:00\",\"dateModified\":\"2023-04-05T07:07:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/\"},\"wordCount\":300,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg\",\"keywords\":[\"Business &amp; Economy\",\"Inter-Korean &amp; Foreign Relations\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/\",\"url\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/\",\"name\":\"South Korea\u2019s trade with China goes from record surplus to record deficit - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg\",\"datePublished\":\"2023-03-28T23:00:46+00:00\",\"dateModified\":\"2023-04-05T07:07:49+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg\",\"width\":1870,\"height\":1001},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korea\u2019s trade with China goes from record surplus to record deficit\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.\",\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/koreapro.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/koreapro.org\/#organization\",\"name\":\"KOREA PRO\",\"url\":\"https:\/\/koreapro.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"contentUrl\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"width\":360,\"height\":50,\"caption\":\"KOREA PRO\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/nknewsorg\/\",\"https:\/\/x.com\/southkoreapro\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"South Korea\u2019s trade with China goes from record surplus to record deficit - KOREA PRO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/","og_locale":"en_US","og_type":"article","og_title":"South Korea\u2019s trade with China goes from record surplus to record deficit - KOREA PRO","og_description":"According to trade statistics from the Korea International Trade Association (KITA) \u2014 a non-profit umbrella economic organization \u2014 South Korea\u2019s trade balance with China recorded a deficit of $3.9 billion in January, marking it the ROK\u2019s largest trade deficit. There are concerns that this year may be the first time South Korea logs a trade [&hellip;]","og_url":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/","og_site_name":"KOREA PRO","article_publisher":"https:\/\/www.facebook.com\/nknewsorg\/","article_published_time":"2023-03-28T23:00:46+00:00","article_modified_time":"2023-04-05T07:07:49+00:00","og_image":[{"width":1870,"height":1001,"url":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg","type":"image\/jpeg"}],"author":"johnleenknews","twitter_card":"summary_large_image","twitter_creator":"@southkoreapro","twitter_site":"@southkoreapro","twitter_misc":{"Written by":"KOREA PRO","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#article","isPartOf":{"@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/"},"author":{"name":"johnleenknews","@id":"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d"},"headline":"South Korea\u2019s trade with China goes from record surplus to record deficit","datePublished":"2023-03-28T23:00:46+00:00","dateModified":"2023-04-05T07:07:49+00:00","mainEntityOfPage":{"@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/"},"wordCount":300,"publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"image":{"@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg","keywords":["Business &amp; Economy","Inter-Korean &amp; Foreign Relations"],"articleSection":["Briefings"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/","url":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/","name":"South Korea\u2019s trade with China goes from record surplus to record deficit - KOREA PRO","isPartOf":{"@id":"https:\/\/koreapro.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage"},"image":{"@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg","datePublished":"2023-03-28T23:00:46+00:00","dateModified":"2023-04-05T07:07:49+00:00","breadcrumb":{"@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#primaryimage","url":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg","contentUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/03\/pexels-tom-fisk-2226458.jpg","width":1870,"height":1001},{"@type":"BreadcrumbList","@id":"https:\/\/koreapro.org\/2023\/03\/south-koreas-trade-with-china-goes-from-record-surplus-to-record-deficit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/koreapro.org\/"},{"@type":"ListItem","position":2,"name":"South Korea\u2019s trade with China goes from record surplus to record deficit"}]},{"@type":"WebSite","@id":"https:\/\/koreapro.org\/#website","url":"https:\/\/koreapro.org\/","name":"KOREA PRO","description":"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.","publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/koreapro.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/koreapro.org\/#organization","name":"KOREA PRO","url":"https:\/\/koreapro.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/","url":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","contentUrl":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","width":360,"height":50,"caption":"KOREA PRO"},"image":{"@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/nknewsorg\/","https:\/\/x.com\/southkoreapro"]}]}},"_links":{"self":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2200553"}],"collection":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/users\/10407"}],"replies":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/comments?post=2200553"}],"version-history":[{"count":1,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2200553\/revisions"}],"predecessor-version":[{"id":2200555,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2200553\/revisions\/2200555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media\/2200554"}],"wp:attachment":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media?parent=2200553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/categories?post=2200553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/tags?post=2200553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}