U.S. Passes China as South Korea’s Top Export Market

U.S. Passes China as South Korea’s Top Export Market

Time Stamp: January 3, 2024 12:00 AM
Source Node: 3044354

South Korean exports to the U.S. exceeded deliveries to China for the first time in two decades during the final month of 2023.

According to Yahoo! Finance, South Korea sold $11.3 billion of goods to the U.S. during December 2023, beating out its sales to China by roughly $400 million, said trade ministry officials January 1.

Overall, exports from South Korea rose by 5.1% from December 2022 to December 2023, marking the third consecutive month that exports coming out of the country have increased. South Korean exports to the U.S. also increased for a fifth month when compared to the same period a year earlier.

Additionally, South Korean imports fell by 10.8% year-over-year, while the nation’s trade surplus grew to $4.5 billion.

Despite the position change for exports, China remains South Korea’s biggest trading partner, because of imports from China.

South Korea has been looking to create stronger ties with the U.S. during the regime of President Yoon Suk Yeol. Yoon traveled to Washington D.C. in 2023 with several Korean business executives to pitch deeper connections with the U.S. in meetings with Congress and President Joe Biden.

South Korea and the U.S. have a free trade agreement that allows the Asian nation to benefit from U.S. laws restricting the use of batteries and other products made in countries like China.

Meanwhile, China has been trying to produce more goods as it focuses on smartphone development and semiconductor manufacturing, which has contributed to a slump in sales for organizations like Samsung as well as other businesses.

Time Stamp:

More from Supply Chain Brain