South Korea Seeks High-Level Economic Talks With China, South Korea registers worst trade deficit due to exports slump to China

[beijingwalker]

South Korea Seeks High-Level Economic Talks With China, South Korea registers worst trade deficit due to exports slump to China​

• Korea finance chief, China ambassador to SKorea meet in Seoul
• Korea wants China’s help for meeting with economy ministers

By Sam Kim
May 19, 2023 at 9:00 AM GMT+8Updated onMay 19, 2023 at 9:39 AM GMT+8

South Korea is seeking high-level economic talks with China this year in the latest efforts to revitalize supply-chain cooperation with the world’s second-largest economy.

Finance Minister Choo Kyung-ho asked Xing Haiming, Chinese Ambassador to South Korea, for support in arranging talks between their economic ministers in Seoul, Choo’s office said in a statement. Choo is also Korea’s deputy prime minister.

South Korea is a top US ally, but relies on China as its biggest trading partner. Korea has increasingly been sandwiched between the world’s two largest economies as they vie for greater global influence.

The meeting in Seoul follows two days of talks last week between top US and Chinese officials in Vienna that helped soften tensions.

Washington’s efforts to curtail global economic dependence on China has left some South Korean companies struggling to adapt. Korea operates semiconductor factories in China and relies on the country for key imports, including fertilizer.

In his meeting with the Chinese envoy, Choo expressed hope for the continuation of economic cooperation based on mutual respect and interests, his office said.

South Korean policymakers are relying on China for a boost in exports, the biggest driver of economic growth in the country. China has also relied on semiconductors from Samsung Electronics Co. and SK Hynix Inc., two of the biggest South Korean firms that have seen their earnings plunge in recent quarters as demand has waned.

South Korea Seeks High-Level Economic Talks With China

South Korea is seeking high-level economic talks with China this year in the latest efforts to revitalize supply-chain cooperation with the world’s second-largest economy.

www.bloomberg.com

 

[etylo]

South Korea can take a hike in the woods and ask its masters US and Japan to help it on the economy and all the matters such as security and peace with North Korea on the peninsula. Lately, South Korea has been whole-heartedly on US side against China, stepping on China's core interests red lines such as Taiwan matter.

 

[beijingwalker]

China and Hong kong account for a third of S.Korea's total exports

 

[MH.Yang]

South Korea's chip exports cannot go back to the past.

In three years, domestic chip manufacturers in China have fully filled the market supply chain. Those factories have already paid the price for replacing domestic chips, and they cannot take the risk of replacing chips again. Who can guarantee that sanctions will not recur?

Accept reality, the decoupling of the chip industry from China is an irreversible fact.

 

[S10]

South Korea can ask US to help them out since they jumped on that bandwagon under their current president.

 

[hirobo2]

Koreans love to play StarCraft but don't take a hint from StarCraft. Once your economy is fukked, you can't do anything...