United States to outstrip China as top export destination for South Korea for 1st time in 22 years

Seoul: South Korea’s exports to the United States exceeded those to China so far this year, data showed on Monday, raising the possibility that the US could be the top export destination for South Korea for the first time in 22 years.

Outbound shipments to the US amounted to $53.3 billion from January through May 2024, compared with South Korea’s export value to China of $52.69 billion, according to data from Statistics Korea and the Ministry of Trade, Industry and Energy.

If the current trend continues, the US will be the No. 1 export destination for South Korea for the first time since 2002, reports Yonhap news agency.

Last year, China was the largest export destination for South Korea with an export value of $124.81 billion, followed by the US with $115.71 billion. The gap was the smallest in 19 years.

Exports by South Korean large conglomerates to the US already surpassed those to China for the first time in 20 years in 2023. (IANS)

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