By Li Panpan
South Korea’s imports of electric vehicles from China were valued at $52.82 million in the first half of this year, an increase of 367.8% over the same period last year, resulting in a significant trade deficit with China, given South Korea’s exports of electric vehicles to China were valued at only $1.53 million in the same period, reported South Korean media Asia Daily on August 21.
The import and export data recently released by the Korea International Trade Association showed that in the first half of 2022, South Korea’s imports of automobiles from China were second only to Germany and the United States, with a total value of $275.57 million, a year-on-year increase of 79.7%, said the report.
Data from the Korea Automobile Manufacturers Association (KAMA) shows that the import volume of Chinese-made electric buses carrying ten or more people has shown a substantial increase, accounting for more than half of the market share in South Korea.
With advantages in the battery market, Chinese companies such as Geely Automobile and BYD will cooperate with South Korea’s Renault and Ssangyong Motor to launch new cars in South Korea.
South Korea’s foreign trade promotion agency KOTRA recently held a symposium to evaluate its export strategy to China on August 19 and said it discussed plans to expand export items including auto parts to China.
The Korea Institute of Automotive Technology said in an August 18 report that South Korean automakers should cooperate simultaneously with players from both the U.S. and China under the framework of the Regional Comprehensive Economic Partnership (RCEP), the U.S. Chips and Science Act, and the Inflation Reduction Act.