South Korea is expected to have higher exports to the United States than to China this year for the first time in 22 years, according to a joint report by Statistics Korea, the Trade Ministry, and the Ministry of SMEs and Startup. The report indicates that from January to May, exports to the US reached $53.3 billion, surpassing exports to China by approximately $610 million. This shift has largely been driven by changes in export trends among large companies, as well as the potential reversal of export patterns for small and medium-sized enterprises. The gap between exports to the US and China is the smallest in 19 years, signaling a potential shift in Korea's export dynamics. While the US has seen steady growth in exports, China's export numbers have declined in the past few years due to sluggish manufacturing. However, the report also suggests that China's economy is showing signs of recovery, which could impact future export trends.
South Korea is expected to have higher exports to the United States than to China this year for the first time in 22 years, according to a joint report by Statistics Korea, the Trade Ministry, and the Ministry of SMEs and Startup. The report indicates that from January to May, exports to the US reached $53.3 billion, surpassing exports to China by approximately $610 million. This shift has largely been driven by changes in export trends among large companies, as well as the potential reversal of export patterns for small and medium-sized enterprises. The gap between exports to the US and China is the smallest in 19 years, signaling a potential shift in Korea's export dynamics. While the US has seen steady growth in exports, China's export numbers have declined in the past few years due to sluggish manufacturing. However, the report also suggests that China's economy is showing signs of recovery, which could impact future export trends.