General machinery exports decreased for three consecutive years

Korean media said that the data released by the Korea International Trade Research Institute of the Korean Institute of Trade on January 5 showed that based on China's trade statistics, the total size of China's general machinery imported from South Korea for the period from January to October 2014 was US$8.8 billion. The decrease was 4.5% year-on-year, and it fell for three consecutive years from 2012 to 2014.
According to the Yonhap News Agency reported on January 5, as of 2013, South Korea has been China’s third-largest source of imports for general machinery, and fell to fourth in 2014. The European Union topped the list. Japan and the United States ranked second and third respectively. From the perspective of items, of the 18 general machinery imported from China, only one is imported from South Korea and only four are in the top three, which is less than Japan (18), the European Union (17), and Taiwan ( 7) and United States (6).
According to the analysis of the Korea International Trade Research Institute, South Korea’s sharp decline in China’s general machinery exports is caused by internal factors such as China’s domestic economic slowdown and production and inventory growth, and the more important reason is the loss of Korean product’s competitive advantage.
The data shows that since 2012, China's general machinery imports have been reduced. In 2012 and 2013, only South Korea and Japan experienced a decline in competitiveness. In 2014, Japan regained its competitive advantage. Korea's competitiveness has been further reduced.
The Institute of International Trade said that South Korea must strive to enhance its product competitive advantage. In particular, SMEs should actively explore the Chinese market through various preferential policies brought about by the Korea-China Free Trade Agreement.
According to South Korea’s “Central Daily” website, South Korea’s defense industry’s exports actually reached 3.61 billion U.S. dollars (approximately 308,850 billion won) in 2014, setting a record high, and South Korea’s defense exports ranking from the world’s tenth in 2013. The five rose to tenth place in 2014. The personnel of the Korean Defense Agency said that as the weapons produced by Korean companies gradually establish their reputation in the countries in which they are used, consultations for weapons purchases are gradually increasing. This year's weapons exports are expected to exceed US$4 billion.

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