South Korea remains China’s fourth biggest trading partner: data

China-South Korea trade rose 8.9 percent in the first seven months of this year, and South Korea continued to be China’s fourth largest trading partner, data released by the General Administration of Customs (GAC) showed on Sunday, highlighting a continuous growth momentum in bilateral trade.

Trade volume between the two countries hit $214.9 billion from January to July, a year-on-year increase of 8.9 percent, accounting for 5.9 percent of China’s total foreign trade.

“The figures indicated a strong growth momentum in the two countries’ trade, which is mainly due to the complementarity of their supply and production chains, especially in high technology and chemical industry,” said Lü Chao, an expert on the Korean Peninsula at the Liaoning Academy of Social Sciences.

China’s exports to South Korea rose 17.9 percent to reach $95.3 billion, while imports increased 2.6 percent to $119.6 billion.

Lü noted that as the COVID-19 pandemic has been largely brought under control, what is needed between the two countries is further economic and trade cooperation to accelerate economic recovery from the pandemic.

Also, bilateral relations have faced some uncertainties as some South Korean media outlets reported that the country is facing a dilemma over whether to join the US-led semiconductor alliance known as “Chip 4”.

Lü said that if South Korea blindly follows the US, its chip exports to China will suffer a huge blow, as cooperation between China and South Korea has become “inseparable.”

“I believe South Korea will make the right choice between economic development and political obedience (to the US),” Lü noted.