Shandong, South Korea enjoy closer economic ties
(chinadaily.com.cn)| Updated : 2020-10-20
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.