South Korean agency: 48 Korean products rely on Japanese imports for more than 90%

Source: The content is compiled from "Tencent", thank you.

Last year, South Korea relied on more than 90% of its imports from Japan for 48 products, with a total import value of US$2.78 billion. South Korea imported a total of 4,227 products from Japan, and relied on more than 50% of its imports from Japan for 253 products, with an import value of US$15.85 billion.

According to South Korea's Asia Daily on the 28th, the Korea Economic Research Institute's report "Comparison and Inspiration of the Competitiveness of Major Industries in South Korea and Japan" published on the 28th showed that last year South Korea's import dependence on Japan for more than 90% totaled 48 products, with a total import value of US$2.78 billion (approximately RMB 19.1 billion).

The report is based on the United Nations International Trade Statistics HS code. The report shows that South Korea imported a total of 4,227 products from Japan, and last year relied on more than 50% of Japan's imports for 253 products, with imports of these products reaching US$15.85 billion.

Specifically, South Korea's imports of mineral products amounted to US$1.09 billion, products of the chemical industry or related industries amounted to US$540 million, and plastics, rubber and other products amounted to US$510 million; its import dependence on textile fiber products was 99.6%, products of the chemical industry or related industries amounted to 98.4%, and products related to automobiles, aircraft, ships and transport machinery amounted to 97.7%.

The report pointed out that the analysis results of the Korea-Japan Trade Specialization Index (TSI) showed that most of Korea's heavy industries lag behind Japan, and Korea's semiconductor and automobile industries are at a disadvantage relative to Japan. Japan's announcement of restrictions on exports to Korea may seriously threaten Korea's economic growth.

From 2000 to 2018, South Korea's semiconductor industry exports to Japan shrank sharply from $3.17 billion to $1.24 billion, while imports from Japan increased from $4.29 billion to $4.52 billion. During the same period, South Korea's automobile industry exports to Japan increased from $10 million to $30 million, while imports from Japan increased from $40 million to $1.23 billion.