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Over the past three years, countries around the world have endured numerous tests, first through three years of devastation by the pandemic, and then by the rising exchange rate of the US dollar. Korea has been affected even more dramatically, and GDP growth has been declining in recent years.
It stands to reason that Korea, as a producing country, will export a large number of goods and trade in surplus.
However, this is not the case with Korea, whose trade situation is getting worse and worse, especially in the previous three years, when the trade volume of imports has been higher than the trade volume of exports.
According to relevant data, in 2022, Korea's trade deficit has reached 47.2 billion yuan, the highest gap in history.
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At this time, in fact, everyone is already very incomprehensible, after all, the epidemic is nearing the end, the economy of each country is slowly recovering, Korea did not have a record low at the height of the epidemic, and now the epidemic is over.
However, the first problem is not a problem, but if the same problem occurs a second time, or even worse, it has to make people wonder if there is a problem in other aspects.
Korea the trade situation in Korea in 2022 is already very abnormal, but what I didn't expect is that one year is not as good as the other, and by the second year, the export volume will drop even more.
The data is both cruel and direct, and we can clearly see that Korea's economic situation is gradually declining, and economic problems are becoming more and more serious.
However, Korea is not the only one in trouble, and those companies that were once famous are now in bankruptcy due to various problems, which will also bring huge economic losses to Korea.
Why has Korea waterlooned to such an extent in just two or three years, and what has it done before? Let's turn the clock back to 2022, the year when a very important thing happened in Korea, and that is that the current president, Yoon Seok-yue, took office. It doesn't matter if he takes office, he directly tilts the entire diplomatic aspect of Korea in favor of United States.
In the past three years, Korea has followed the United States and targeted China on many issues, making relations between China and South Korea even more tense.
Yin Xiyue thought that he hugged his thighs, but in fact, not only did he gain nothing, but also offended the Chinese, and the trade between China and South Korea was naturally greatly affected.
In the trade relationship between China and South Korea, China tends to occupy the active position, after all, it is Korea's largest export market, so Korea still has a large dependence on the Chinese market.
However, due to Korea's choice now, there are big problems in Sino-South Korean relations, and this also directly affects the trade between the two countries.
Although China will not do anything to you at the national level, don't treat the Chinese as soft persimmons, the heavy hand of the Chinese is not something you can afford.
In Yoon's first year in office, Korea's exports to China fell 4.4 percent from the previous year, but even so, China still ranks first among Korea's exporters, with $155.8 billion in exports that year.
By the next year, exports continued to decline to $124.8 billion, a 19.9% drop in this time, the lowest in 40 years.
We can not only find problems from the export value, but also intuitively find problems from the GDP growth value of Korea. In the first year of Yoon's tenure, GDP growth was 4.3%, but by the year he took office, the growth had dropped to 2.6%, and in his second year in office, this value continued to fall.
At the same time, Korea also suffered the largest wave of corporate closures in history, with 98.6 companies closing in just one year.
It can be seen that this president must have made some wrong decisions during his tenure to cause such a bad GDP situation.
This result is completely unacceptable to Korea, you must know that when the epidemic was at its worst, it did not fall to this extent, but now that the economies of all countries are recovering, Korea's exports have dropped so much.
But in fact, this is not over, by November 2023, the trade balance between China and South Korea has reached 18 billion US dollars.
You know, Korea is very small, the domestic market does not bring more economic development, so they are highly dependent on foreign exports, which also makes them particularly vulnerable to external factors.
After the new president took office, although his policy of turning to United States throughout the year strengthened his political relationship with United States, United States did not help him much economically.
In fact, it was China that helped him economically, after all, the country that exported the most was China, and when the relationship between the two countries was good, the Chinese were willing to buy more of its things. But I never expected that Korea did not take these things seriously, but followed United States against China. Then don't blame the Chinese for being unrighteous and buying less of your goods.
However, in the fourth quarter of 2023, the situation in Korea has improved significantly, and in the following eight months, it has also shown a positive growth trend. In particular, there has been a great increase in product semiconductors and ship exports, of which the former has increased by 54.5% and the latter has increased by 108.4%.
So what is the reason for such a change in Korea's economy and such a high level of improvement? Is it because of United States? Naturally, it is not, it has to be China to have such magic.
However, such a change is also the efforts of the Korea people themselves, and it is precisely because they were able to wake up in time, understand their own problems, know their mistakes and correct them, and do their best to repair the relations between the two countries, that the situation has taken a great turn.
As the saying goes, put down the butcher knife and become a Buddha, since Korea already knows that it is wrong, the Chinese people will naturally not be so difficult for them, the two sides still return to the previous relationship, we should buy what to buy, and we will not deliberately target you.
I only hope that this time Korea can really understand what is called Zhientu newspaper, polish their eyes, and understand who will be your lifesaver.
After this encounter, Korea should understand how to grasp the current economic situation, understand that the path of economic development is changeable, and only by constantly adapting and adjusting can it ensure that it is foolproof.
It is in the best interest of oneself to know which country to have deep diplomatic relations with, not to mention that United States is now a little difficult to protect itself, and to follow United States without brains, is it not at all brainless.
What do you think about Korea's biggest wave of corporate failures? Welcome to discuss in the comment area!
Information sources:
Global Network: Foreign media: Korea's trade deficit increased to $47.2 billion in 2022, a record high