President Lee Jae-myung stated on September 28 that while the Korea-U.S. alliance is paramount in diplomacy, managing relations with China is also crucial. He emphasized that the goal of diplomacy is national development and improving the livelihoods of citizens.
In a post on his X (formerly Twitter) account titled 'Trends in Exports to China,' President Lee wrote, "The primary goal of diplomacy is national interest, specifically national development and improving livelihoods."
He added, "For South Korea, an open trading nation, exports are the most important factor for the development of national industries and the improvement of livelihoods."
According to data shared by the Office of the Secretary for Industrial Policy, the average monthly exports to China since the current administration took office have reached $15.1 billion (approximately 20.5 trillion won), a 36% increase compared to the average of $11 billion during the Yoon Suk Yeol administration.
The data explained that exports to China have surged since the Korea-China summit held on November 1 last year during the Asia-Pacific Economic Cooperation (APEC) meeting. The average monthly exports to China rose from $11.1 billion between June and October of last year to $17 billion from November of last year to August of this year.
According to the Ministry of Trade, Industry and Energy, exports to China in August reached $24.1 billion, marking a 119.3% increase compared to the same month last year. Exports of semiconductors and general machinery saw significant growth, pushing exports to China above $20 billion for three consecutive months. However, exports of petrochemicals, wireless communication devices, and displays decreased.
Regarding the economic and livelihood situation, President Lee stated, "We are doing our utmost to secure the momentum for economic recovery and sustainable growth while also making every effort to alleviate social polarization."
He added, "Once next year's budget begins to be executed, the impact will be felt significantly, and the living environment will improve. We will also prepare special measures to address housing, job, and debt issues soon."
* This article has been translated by AI.
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