Korean imports to China slump to a three-decade low

South Korean exports have lost market share in the Chinese import market, hitting their lowest point in three decades.

China’s imports from Korea were down by 1.1 percentage points to 6.3 percent in 2023 from the same period a year ago, according to the data released by the Korea International Trade Association (KITA) on Sunday. The share was at the lowest level in 30 years since 1993, the second year of Korea-China diplomatic ties.

Korea lost its share of China’s imports after its peak in 2015, which led to a change in the rankings of China’s top importers. It is now China’s third-largest trading partner after the United States replaced it in second place.

The decline was associated with slower growth in the Chinese market, with Chinese exporters becoming the global industry’s main suppliers. According to China’s General Administration of Customs, its import volume last year was $2.5 trillion, down 5.5 percent from 2022 and Korea’s chip exports to China plunged by 30.6 percent to $36.1 billion.