June 17, 2011

South Korea's agri-livestock trade deficit with China shows exacerbation

Notwithstanding an almost eight-fold increase in overall trade surplus with China, South Korea's chronic trade deficit in agricultural and livestock products with China has worsened.

The Nonghyup Economic Research Institute said the overall trade surplus with China, which was US$5.7 billion in 2000, has increased to US$45.3 billion in 2010.

However, the agricultural and livestock trade deficit with China, which was US$1.1 billion in 2000, has gone up to US$1.53 billion in 2010.

South Korea imported some US$2 billion of Chinese agricultural and livestock products in 2010, a 70% increase from the US$1.18 billion in 2000. The variety of imports has also grown.

In particular, imports from China of kimchi, red peppers, garlic and carrots have increased more than ten-fold during the past ten years. Kimchi imports have jumped 500 times.