From January to July, Fujian Province's imports and exports to South Korea increased by nearly 30%

With the continuous release of dividends from the third anniversary of the full implementation of RCEP, relying on the basic framework of the China South Korea Free Trade Agreement and leveraging the RCEP "regional accumulation" rules to connect regional supply chains, Fujian Province's trade with South Korea has steadily increased.

According to statistics from Fuzhou Customs, in the first seven months of this year, Fujian Province's import and export trade with South Korea showed a steady growth trend, with an import and export value of 35.33 billion yuan, a year-on-year increase of 29.6%. Among them, exports amounted to 23.06 billion yuan, an increase of 30%, while imports amounted to 12.27 billion yuan, an increase of 29%. The two ends of import and export worked together, and the activity of trade continued to increase.

Fujian Province mainly imports and exports to South Korea through general trade. In the first seven months of this year, Fujian Province's imports and exports to South Korea through general trade amounted to 20.65 billion yuan, an increase of 27.2%, accounting for 58.4% of the total value of Fujian Province's imports and exports to South Korea during the same period, effectively supporting the province's basic trade with South Korea. In addition, the import and export growth rate of processing trade is rapid, increasing by 77%, accounting for 34.4%.

Private enterprises continue to shoulder the banner of being the main force of trade with South Korea. In the first seven months of this year, the total import and export value of private enterprises to South Korea reached 18.66 billion yuan, an increase of 14.9%, accounting for 52.8%. At the same time, foreign-invested enterprises have relied on their existing industrial cooperation foundation, and their import and export scale has grown rapidly, with a total value of 13.19 billion yuan, an increase of 43.8%, accounting for 37.3%.

In the first seven months of this year, Fujian Province exported 13.89 billion yuan worth of mechanical and electrical products to South Korea, an increase of 70.3%, accounting for 60.2% of Fujian Province's total export value to South Korea. During the same period, imports of semiconductor manufacturing equipment and electronic components from South Korea amounted to 1.08 billion yuan and 1.45 billion yuan, respectively, with an increase of 78.5% and 66.5%.

The demand for power batteries in the South Korean market is strong. Previously, the benchmark tariff for lithium battery product exports reached 8%, which to some extent compressed our price competition space, "said Lu Ping, the head of CATL's global customs department

Based on the solid foundation of China South Korea free trade cooperation, Fuzhou Customs will continue to implement the facilitation measures for the origin of the free trade agreement, optimize the customs clearance process of the China South Korea sea freight express, accurately assist key industries such as new energy, aquatic products, building materials, and electronic manufacturing to make good use of tariff reductions and rules of origin, and promote the upgrading and expansion of Fujian's trade with South Korea, as well as the continuous expansion of cooperation areas. (Liu Zhen/Wen)