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Citing preliminary figures from the World Trade Organization, China says it has replaced
the United States to become the world's largest goods trader... while Korea has leapfrogged
Japan to become China's number one importer. Arirang News' Laah Hyun-kyung has the details.
Korea became the number one contributor to China's import market for the first time in
2013. This, according to the Korea Institute for
Industrial Economics and Trade,... as well as the Korea International Trade Association.
The agencies say... Korea beating Japan for the position... was possible due to China's
growing demand for Korean electronics and manufacturing goods.
Data shows... Korea's share in China's import market jumped point-zero-seven percentage
point -- to 9-point-2 percent in 2013, compared to 2012... while that of Japan shed more than
1 percentage point to 8-point-2 percent. The products China sought after the most from
Korea... were electronic integrated circuits. China imported more than 45-billion dollars
of ICs from Korea last year,... a near 15 percent increase from the previous year.
Analysts in Seoul however warn... because China is attempting to boost its domestic
demand,... Korea should also come up with ways to accommodate Beijing's changing growth
paradigm. Meanwhile, Korea's trade balance remained
in the black for the 25th consecutive month in February... according to trade ministry
data. However, February's trade surplus of 926-million
dollars... was significantly lower than the same month last year... when it stood at nearly
1-point-9 billion dollars. Officials attribute the fall... to economic
crises in emerging economies, coupled with slower-than-expected recoveries in developed
economies. Laah Hyun-kyung, Arirang News.