Korean trade losing out in China
SEOUL - South Korea's major neighboring competitors are increasing their shares in China's import market, threatening Korea's foothold in one of the world's fastest expanding countries, according to a local trade agency Tuesday.
China emerged as the world's third-largest importer last year, taking in some US$413.1 billion worth of goods, the Korea International Trade Association (KITA) said. The figure is up 39.9 percent from the previous year, it added.
Imports from South Korea accounted for 10.4 percent of the total, finishing third after those from Japan with 17.9 percent and from Taiwan with 12 percent, according to KITA statistics.
"South Korean exports to China have been increasing rapidly," a KITA official said. "But their share in the Chinese market has remained virtually unchanged while those of its competitor countries have been expanding."
While South Korea's market share in China last year was up just 1 percentage point from three years ago, the combined figure for Singapore, Malaysia, Thailand and the Philippines grew from 7.4 percent to 9.6 percent during the corresponding period, KITA said.
By country, the share held by Malaysia climbed from 2.4 percent to 3.4 percent while that of Singapore increased from 2.2 percent to 2.5 percent. Thailand saw its market share edge up from 1.9 percent and 2.1 percent, and the Philippines experienced a rise in its share from 0.7 percent to 1.5 percent, KITA statistics showed.
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