S Korea's trade dependence on China posts near high in H1
Updated: 2011-08-17 11:54
SEOUL - South Korea's trade dependence on China deepened to a near record high in the first half of this year as fast growth of the world's second largest economy boosted demand for the nation's products, a local media reported Wednesday.
The value of South Korea's exports and imports with China accounted for 20.2 percent of the country's total customs-cleared trade in the first half, according to data compiled by the Korea Customs Service (KCS) cited by the Yonhap News Agency.
The first-half weight was lower than a record high of 21 percent tallied for the first half of 2010, but it continued to stay above the 20 percent level since 2008. The nation's trade weight with China merely stood at 2.6 percent in 1991, but the weight rose to 10.2 percent in 2001, before breaking above the 20 percent level for the first time in 2008.
Meanwhile, South Korea's trade weight with the United States posted a mere 9.4 percent in the first half of 2011, the smallest portion since the statistical agency started compiling the related statistics in 1990.
The trade portion with the US reached 29.1 percent in 1990, but it started falling below the 20 percent level from 2000. The weight has steadily continued to fall below the 10 percent level this year.