{"id":2200743,"date":"2023-04-18T08:00:17","date_gmt":"2023-04-17T23:00:17","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200743"},"modified":"2023-04-17T18:42:24","modified_gmt":"2023-04-17T09:42:24","slug":"chinas-reopening-has-limited-impact-on-south-koreas-economy","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/chinas-reopening-has-limited-impact-on-south-koreas-economy\/","title":{"rendered":"China\u2019s reopening has limited impact on South Korea\u2019s economy"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bank of Korea (BOK) <\/span><a href=\"http:\/\/www.bok.or.kr\/portal\/bbs\/B0000347\/view.do?nttId=10076863&amp;menuNo=201106\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> that China\u2019s reopening has had a weaker-than-expected impact on South Korea\u2019s economy. The report stated although the Chinese economy is rebounding rapidly, South Korea has not benefited much from the recovery as China\u2019s imports remain in negative terrain. While China\u2019s domestic consumption has improved, Chinese consumers\u2019 demand for foreign smartphones, cars and other durable goods has continued to decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report also stated that South Korea\u2019s economy will continue its sluggish growth trend for the first half of the year, but it expects it to gradually recover from the second half as the impact of China\u2019s reopening becomes full-fledged.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><a href=\"https:\/\/english.hani.co.kr\/arti\/english_edition\/e_business\/1087794.html\"><span style=\"font-weight: 400;\">Market trends<\/span><\/a><span style=\"font-weight: 400;\"> have revealed a shift in South Korea\u2019s trade relationship with the U.S. and China.\u00a0 South Korean exports to the U.S. are helping fill the vacuum left by declining exports to China. South Korean exports to the U.S. rose to 17.7%, reaching the same level as 20 years ago, in 2003. Among the top 10 countries to which Korea exports, the U.S. is the only one to which exports have continuously increased over the past five years. Meanwhile, South Korea\u2019s exports to China in that same period were 19.5%. If South Korea\u2019s <\/span><a href=\"https:\/\/www.digitimes.com\/news\/a20230414PD201\/capacity-expansion-ic-manufacturing-inventory-memory-chips-south-korea-taiwan.html\"><span style=\"font-weight: 400;\">semiconductor exports<\/span><\/a><span style=\"font-weight: 400;\"> to China continue to decline, it is possible that South Korean exports to the U.S. could overtake those to China for the first time in 20 years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Federation of Korean Industries (FKI), a business lobby group, released a <\/span><a href=\"https:\/\/www.fki.or.kr\/main\/news\/statement_detail.do?bbs_id=00034959&amp;category=ST\"><span style=\"font-weight: 400;\">survey<\/span><\/a><span style=\"font-weight: 400;\"> result last week showing that 89% of South Koreans picked the U.S. as the ROK\u2019s most important partner. When asked which country was the second most important partner country, 35.2% chose China while 23.4% chose Japan.<\/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>The Bank of Korea (BOK) reported that China\u2019s reopening has had a weaker-than-expected impact on South Korea\u2019s economy. The report stated although the Chinese economy is rebounding rapidly, South Korea has not benefited much from the recovery as China\u2019s imports remain in negative terrain. While China\u2019s domestic consumption has improved, Chinese consumers\u2019 demand for foreign [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2200743","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>China\u2019s reopening has limited impact on South Korea\u2019s economy - 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\/04\/chinas-reopening-has-limited-impact-on-south-koreas-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s reopening has limited impact on South Korea\u2019s economy - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The Bank of Korea (BOK) reported that China\u2019s reopening has had a weaker-than-expected impact on South Korea\u2019s economy. The report stated although the Chinese economy is rebounding rapidly, South Korea has not benefited much from the recovery as China\u2019s imports remain in negative terrain. 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