April 16, 2024
Economy
Agricultural exports to China plunge in July
[THE INVESTOR] Korea‘s agricultural and fisheries exports to China fell in July, marking the fourth straight month of declining numbers, data showed on Aug. 4.
Shipments of Korean agricultural and fisheries goods to China were estimated at US$111 million in July, down 11.2 percent from $125 million during the same period last year, according to the data from the state-run Agro-Fisheries and Food Trade Corp.
Exports to China, which posted a 3.6 percent on-year growth in March began falling in April, when they dropped 9.9 percent on-year. In May and June outbound shipments were down 17.3 percent and 11.3 percent, respectively.
Since mid-March, Korean companies in China have faced boycotts and regulatory inspections as Beijing ratcheted up pressure on Seoul to ditch its plan to deploy THAAD.
The decrease in shipments could act as a drag on Korea’s overall exports as China is the second-largest importer of Korean products following Japan.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Shipments of Korean agricultural and fisheries goods to China were estimated at US$111 million in July, down 11.2 percent from $125 million during the same period last year, according to the data from the state-run Agro-Fisheries and Food Trade Corp.
Exports to China, which posted a 3.6 percent on-year growth in March began falling in April, when they dropped 9.9 percent on-year. In May and June outbound shipments were down 17.3 percent and 11.3 percent, respectively.
Since mid-March, Korean companies in China have faced boycotts and regulatory inspections as Beijing ratcheted up pressure on Seoul to ditch its plan to deploy THAAD.
The decrease in shipments could act as a drag on Korea’s overall exports as China is the second-largest importer of Korean products following Japan.
By Alex Lee and newswires (alexlee@heraldcorp.com)
