Large South Korean companies' dependence on Chinese market has risen sharply in recent years. According to corporate tracker CEO Score Tuesday, 38 large companies that report their overseas earnings saw their sales in China reach a combined 145.15 trillion won last year, up 34.4 percent from 108 trillion won tallied in 2011.
Sales in China accounted for 17.5 percent of their total sales in 2013, up from 15.6 percent in 2011, according to the management evaluation firm.
If a free trade deal struck between South Korea and China goes into effect, those companies' reliance on Chinese market will grow at a faster pace, market watchers say. South Korean President Park Geun-hye and Chinese President Xi Jinping declared the conclusion of negotiations on a free trade agreement (FTA) between the two countries during their summit in Beijing on Nov. 10. The Seoul-Beijing FTA is subject to approval by parliaments of both countries.
Samsung Electronics saw its sales in China jump 74.2 percent from 23.05 trillion won in 2011 to 40.15 trillion won in 2013. The 2013 figure constituted 17.6 percent of its total sales, compared with 14 percent in 2011, CEO Score said.
Hyundai Motor's sales in China soared 56.6 percent to 19.43 trillion won during the 2011-2013 period. They accounted for 18.2 percent of its total sales in 2013, up from 13.8 percent two years ago.
reporter
Park Sae-jin
swatchsjp@ajunews.com
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