S. Korea, China trade to top US$200 bln in 2013: report

SEOUL, Sept. 20 (Yonhap) -- South Korea's trade volume with China may top US$200
billion in 2013, a report by a local think tank said Sunday.
The report by the Institute for International Trade said the target date is three
years behind schedule, a result of the worldwide economic slump caused by the
Lehman Brothers debacle last year that hurt overall trade, consumption and
investment.
In 2008, two-way trade reached $168.3 billion, which is roughly twice the size of
commercial transactions between South Korea and Japan. Bilateral trade volume
between South Korea and Japan reached $89.4 billion, while it exceeded $84.8
billion for the United States.
China became the largest market for South Korean-made goods in 2004.
For 2009, experts said trade across the Yellow Sea separating the two countries
will fall 25.3 percent to $125.8 billion, with numbers expected to recover
starting in 2010.
For next year the institute under the Korea International Trade Association
(KITA) said trade will move up to around $167 billion.
It called on South Korean businesses operating in China to do more to concentrate
on penetrating the largely untapped Chinese domestic market instead of shipping
parts that are assembled in the country for exports.
KITA, meanwhile, said that a poll conducted on 3,667 people in 12 major cities
showed Chinese brand recognition for South Korean products was relatively
positive.
It said that brand recognition was highest among educated young people.
Of those polled, 49.6 percent said they had positive views of South Korean
products, with only 19.7 percent saying they had a bad impression.
The association added that among respondents, 31.1 percent or 2,782 people said
they recognized the Samsung brand, followed by 23.1 percent for LG and 13.2
percent for Hyundai Motor Co., respectively.
Samsung and LG are South Korea's largest consumer electronics firms.
yonngong@yna.co.kr
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