Shandong, South Korea enjoy closer economic ties

(| Updated : 2020-10-20

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Shandong province, an economic powerhouse in East China, is enjoying closer trade and investment ties with South Korea in recent years, according to local authorities.

South Korea is Shandong's third largest trading partner. Official statistics show that in 2019, imports and exports between the two sides were valued at $28.32 billion, down 3.5 percent year-on-year.


A bird's-eye view of Qingdao, East China's Shandong province, at night. [Photo/VCG]

From January to August this year, trade between the two sides was valued at $18.11 billion, down 3.1 percent year-on-year, among which Shandong's exports to South Korea accounted for $11.23 billion, up 3.5 percent, while imports from South Korea dropped 12.3 percent to $6.88 billion.

The differing industries between the two sides led to structural differences in their exports, though most of their bilateral trade involves electronics. Shandong's main exports to South Korea include electronics, garments and accessories, base metals, and machinery.

Meanwhile, South Korea's main exports to Shandong are electronics, optical devices, cosmetics, and machinery.

According to the latest statistics, there are 4,483 Korean-invested enterprises in Shandong investing a total of $22.25 billion and employing more than 160,000 people.

In the first eight months of this year, Shandong approved 344 Korean-funded projects, down 14.2 percent, with $180 million in actual foreign capital received, down 54.9 percent.

By August of this year, Shandong had approved 374 overseas investment enterprises in South Korea involving $2.26 billion in Chinese investment.