south koreas exports to china to gain ground
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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South Korea's Exports to China to Gain Ground

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Arab Today, arab today South Korea's Exports to China to Gain Ground

South Korea's Exports to China to Gain Ground
Seoul - QNA

South Korea's exports to China increased 9.6% on-year last month, following a 0.4 % gain in November, data showed Tuesday, with industry experts forecasting that outbound shipments to Seoul's largest trading partner will stay on a recovery track down the road.

    South Korea's outbound shipments to China reached a 14-month high of US$12 billion in December, according to the Ministry of Trade, Industry and Energy data. China accounts for one fourth of overall South Korean exports.

    The December tally comes after posting an on-year decline for the 16th consecutive month in October, the longest decline streak, according to the data. Experts say South Korea's exports to China are now on a recovery track as the Chinese economy is picking up momentum after the manufacturing sector continued to accelerate.  "The manufacturing purchasing managers' index (PMI) of China reached a 28-month-long high of 51.7 in November," said Moon Byung-ki of the Korea International Trade Association (KITA). 

    Moon says Beijing's pro-growth policies and measures to cut imported materials contributed to more South Korean companies moving their overseas factories out of China to third countries such as Vietnam.

    By products, outbound shipments of wireless devices, including mobile phones, to China jumped 36.5% on-year between Dec. 1 and Dec. 20. The petrochemical sector posted a 23 % on-year increase and exports of display panels also increased 10.6 % on-year during the same period. 

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