Business / Economy

Trade benefits Chinese, South Korean consumers

(Xinhua) Updated: 2014-07-04 10:50

Trade benefits Chinese, South Korean consumers

Photo taken on May 22, 2014, shows the poster of "You Who Came From the Stars". [Photo/CFP]

SEOUL - Consumers in South Korea and China are benefiting from the ever expanding trade between the two neighbors.

South Korean products have long been recognized as fashion leaders and known for high technology, such as clothes, cosmetic products and mobile phones.

TV series, such as "You Who Came From the Stars," which became extremely popular in China, served as launch pads for fashion brands simply because those products appeared in those TV shows.

Chinese consumers are also fond of Samsung mobiles phones because of their design and high technology.

Hankook Tire Co, South Korea's leading tire maker, has expanded its investment and development in China.

South Korea has become a popular tourist destination for Chinese. More than 2 million Chinese tourists visited South Korea in the first five months of this year.

While South Korean products are recognized in China, more Chinese products, especially farm products, are making their way into South Korea for their quality and favorable prices.

"The ordinary people in South Korea are delighted to see more imports from China. They provide more choices for us and prevent monopoly, and lower the costs of our daily life," a South Korean construction worker named Sin Il told Xinhua.

He chooses to buy pork imported from China. His TV set is also made in China.

"Chinese products are everywhere in the supermarkets and there are more Chinese brands, such as Haier," he said.

A Chinese-made TV set is 30 percent to 50 percent cheaper than a South Korean one. Such a big difference can hardly be ignored, especially for students, he added.

According to statistics, China has become the largest trading partner, export destination and import source of South Korea, while South Korea the largest import source and one of the most important investors for China, as two-way trade reached 274.2 billion US dollars in 2013, a 55-fold increase compared with that at the beginning of their diplomatic ties 22 years ago.


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