A very thorough report from SERI on the state of Korean Exports to ASEAN.
Not surprisingly ASEAN exports are down across the board since the Korea and the world’s economy went down the drain as advanced countries tightened their wallets. Exports though are starting to come back and because imports are also down, some countries have actually posted trade surpluses.
Fortunately, for ASEAN the global economy is in the early stages of recovery and it looks like these countries in Asia should see a faster recovery than those in the west.
Korea’s total imports from ASEAN also declined but not as much as the drop in imports as a whole. For the year up to September, Korea imported from ASEAN 24.3% less than the same period last year, while total imports nose-dived 33.1%. With exports falling more than imports, Korea’s trade surplus with ASEAN is expected to narrow compared to last year. In the case of China and Japan, the drops in imports from ASEAN and total imports have been similar.
Exports by Korea have declined about as much as Japan and China and what’s worse is that Koreans big industries have shown rather poor export statistics too.
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