(MENAFN) South Korea desperately needs to ship out more consumer goods to China to help advance a longstanding inequality between export items and gain a share in the rapidly-growing consumer goods market there.
Wen compared to the advanced nations, S. Korea is far more dependent on intermediate, or semi-finished, goods in trade with China, and thus a gradual correction is needed for the country's long-term, balanced exports growth.
Korea's shipments of intermediate goods to China touched USD150.3 billion in 2014, establishing 79.1 percent of its overall exports, hence the figure was larger than Japan's 65 percent, Germany's 47 percent and the U.S.' 41 percent.
"Korea needs to provide and deliver a variety of consumer goods now focused on vehicles and plastic products and advance into more provinces in mainland China, among others," stated a top economist.
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