Exports to China fall 1.5% on-year in Q1

By Park Sae-jin Posted : April 7, 2015, 16:29 Updated : April 7, 2015, 17:12

 

South Korea's exports to China fell in the first quarter from the same period of last year, with China's economic growth slowing down, data showed Tuesday.

Shipments to China decreased 1.5 percent to US$33.92 billion on-year in the January-March period, according to the data compiled by the Ministry of Industry, Trade and Energy and the Korea International Trade Association (KITA).

For 2014 as a whole, exports to China fell 0.4 percent from the previous year, after rising for five straight years. 

Analysts attributed the fall to China's slower-than-expected consumption growth resulting in a sharp decline in imports. China's imports tumbled 23.7 percent to US$238.33 billion in the first two months of this year from the same period the year before, officials said.

China's economic growth slowed to 7.4 percent in 2014, the weakest expansion in 24 years, and is forecast to slip further over the next two years. The Asian Development Bank (ADB) has predicted that China's GDP (gross domestic product) growth will slow to 7.2 percent in 2015 and 7.0 percent in 2016.
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