Posted 1/15/2024, 9:00:27 PM
South Korea Records First Trade Deficit with China in 30 Years Amid Souring Ties
- China-South Korea trade dropped off in 2022, recording South Korea's first trade deficit with China in 30 years
- Tensions stemmed from China's strained relations with the US, affecting tech and chip exports
- China recently eased graphite export restrictions, a key material for batteries, signaling a potential bilateral trade upturn
- But analysts say trade may stay depressed as South Korea cuts chip exports to China under US pressure
- South Korea also faces growing competition from China in areas like auto and ships, contributing to an expected trade deficit