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South Korea's Trade Surplus with China Soaring
South Korea's trade surplus with China, including Taiwan and Hong Kong, rose by 17.6 percent to 12.25 billion US dollars in the first eight months this year, the Korea International Trade Association said Monday.
South Korea's surplus with China is twice as big as that with all other countries, which soared 58.6 percent to 6.42 billion dollars, said the association.
South Korea's total volume of exports to China in the eight months was 24.4 billion dollars, up 34.9 percent from the year-ago level, while imports stood at 12.15 billion, up 58.6 percent.
The figures show that China has made its contribution to expanding South Korea's trade surplus since last year when the surplus hit 16.5 billion dollars, accounting for 66.7 percent of the country's total trade surplus.
During the January-August period, South Korea's exports to the mainland of China grew by 40.9 percent to 11.9 billion dollars, resulting in a surplus of 3.69 billion dollars, while imports totaled 8.3 billion, up 56.6 percent.
Increased exports included computers, semiconductor chips, petrochemicals, oil products and electronic equipment, among which the exports of computers more than doubled.
South Korea's imports from the Chinese mainland also increased greatly, including grains and powdered grains, steel products, computers, clothes and coal.
Meanwhile, exports to Hong Kong came to 6.95 billion dollars against imports of 900 million, with a 6 billion dollar surplus in South Korea's favor, while exports to Taiwan totaled 5.45 billion dollars and imports 2.95 billion, with the trade surplus increasing 20.8 percent to 2.5 billion.
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