![Containers for export are stacked in a container yard at a port in Pyeongtaek, Gyeonggi, on May 9. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2024/06/10/4d52dd71-e47d-416f-ae8d-37ba9d0b9ecd.jpg)
Containers for export are stacked in a container yard at a port in Pyeongtaek, Gyeonggi, on May 9. [NEWS1]
The United States became Korea’s largest importer from January to May this year, overtaking China thanks to robust auto exports and chip demand.
If the current trend continues the rest of the year, the United States will become Korea’s largest trading partner for the first time in 22 years.
Korea’s outbound shipments to the United States totaled $53.3 billion through the first five months of this year, outpacing the cumulative amount of $52.7 billion to China during the cited period, according to data compiled by the Ministry of Trade, Industry and Energy and Statistics Korea on Monday.
On a monthly basis, exports to the United States outpaced those to China in February, March and April.
In April, exports to the United States reached a monthly high of $11.4 billion, driven by the automotive sector as well as soaring semiconductor demand. China reclaimed the top spot in May with $11.4 billion, due mainly to electronics and chip exports. U.S.-bound exports came in at $10.9 billion, up 15.6 percent from a year earlier and a record for May.
China has been Korea’s largest importer since 2002, with the value of shipments peaking at $162.9 billion in 2021 but declining to $124.8 billion last year. Meanwhile, Korea’s annual outbound shipments to the United States reached a record of $115.7 billion in 2021.
By exporters, large companies’ outbound shipments to the United States surpassed those to China last year, while China remained the largest importer for small- and medium-sized enterprises (SMEs). However, this trend may change as SMEs have shown promising export figures to the United States.
A report by the Bank of Korea highlighted the strong exports to the United States due to Korean companies’ prompt response to expanded investment in the country. The report also mentioned concerns about potential sanctions against Korea and suggested diversifying import channels to mitigate pressures.
