Chinese Region Emerges As Largest Export Market

Last year exports to the Chinese region, embracing China, Hong Kong and Taiwan, exceeded exports to the United States. Despite its importance as a strategic export destination, there remains much work to be done in this area in terms of setting up trade infrastructure and working out trade strategies.

According to the report, ¡°Trade Trends and Future Tasks in the Chinese Region,¡± released by the Bank of Korea on Monday, exports to the Chinese region from Jan. to Nov. 2000 reached US$34.21 billion, up 31% from the previous year. Last year¡¯s export increase rate was 22.3%.

Exports to this region account for 21.7% of all exports, thus exceeding the 21.6% rate in the United States and making China the world`s largest export destination.

Since 1995, the Chinese region`s annual trade surplus has averaged US$13 billion. Korean products¡¯ share of the Chinese market reached 10.4% for third place after Japan and Taiwan. Korea`s success in the region was built on a brisk export increase of 64.2% in the field of electric and electronic products like semiconductors and information-telecommunication devices.

Lee Chol-Hi witness@donga.com