ID :
188928
Thu, 06/16/2011 - 06:45
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Shortlink :
https://oananews.org//node/188928
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S. Korea's farm trade deficit with China widens sharply
South Korea's deficit with China in agricultural trade has widened drastically over the last decade due mainly to an avalanche of cheap imports from the neighboring country, a report showed Thursday.
According to the report by the Nonghyup Economic Research Institute (NHERI), South Korea posted a farm trade deficit of US$1.53 billion with China last year, compared with a $1.10 billion shortfall in 2000.
South Korea imported around $2 billion worth of such products as chili peppers, garlic, carrots, beans and animal feed in 2010, a 70 percent increase from $1.18 billion brought in a decade earlier.
In addition to the surge in total import volume, more diverse farm products have been bought in for domestic consumption.
Inbound shipments of barley, tobacco leaves and onions increased 30-fold over the 10-year period, with imports of kimchi surging 500 times. Imports of vegetable seeds gained 10-fold.
South Korea's farm exports to its neighbor were mainly centered on processed food like sugar, sauces, noodles, cigarettes and instant coffee products, according to the report.
In contrast to the soaring farm trade deficit, South Korea posted an overall trade surplus of $45.3 billion with China last year, compared with a $5.7 billion surplus in 2000.
According to the report by the Nonghyup Economic Research Institute (NHERI), South Korea posted a farm trade deficit of US$1.53 billion with China last year, compared with a $1.10 billion shortfall in 2000.
South Korea imported around $2 billion worth of such products as chili peppers, garlic, carrots, beans and animal feed in 2010, a 70 percent increase from $1.18 billion brought in a decade earlier.
In addition to the surge in total import volume, more diverse farm products have been bought in for domestic consumption.
Inbound shipments of barley, tobacco leaves and onions increased 30-fold over the 10-year period, with imports of kimchi surging 500 times. Imports of vegetable seeds gained 10-fold.
South Korea's farm exports to its neighbor were mainly centered on processed food like sugar, sauces, noodles, cigarettes and instant coffee products, according to the report.
In contrast to the soaring farm trade deficit, South Korea posted an overall trade surplus of $45.3 billion with China last year, compared with a $5.7 billion surplus in 2000.