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China's WTO Entry to Boost S.Korea's Trade Surplus
China's entry into the World Trade Organization (WTO) is expected to help increase South Korea's trade surplus with China by more than US$1 billion a year, a South Korean government think tank predicted Monday.
The Korea Institute for International Economic Policy believes South Korea's exports to China will increase to US$3.2 to 5.5 billion every year while imports will go up to US$2.1 to 3.8 billion.
Exports of transport equipment, textiles and garments to China will soar, said the South Korean government think tank in its report on the impact of China's WTO entry and the economic ties between the two countries.
It said, however, the exports of chemicals, timber, paper, metal products, machinery and equipment will see less-than-impressive growth.
The institute urged South Korean companies to make greater efforts to gain a larger share of the growing Chinese markets, especially in goods distribution, advertising, sales consulting, finance, communications and construction.
However, the think tank said, for the long-term, South Korea's exports will be affected since China will attract more foreign investments after its entry into the world trade body.
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