Recently, South Korea International Trade Association said South Korea's export growth of automobile parts slowdown in 2006. The growth rate of 46.4% from the previous year reduced to 22.7% (export statistics in 10 months). Exports to China weakened South Korea's auto parts export growth. Korean auto parts exports volumes to China were 2.11 billion U.S. dollars, a year-on-year decrease of 3.6%.
In 2004, China's imports of automobile parts from South Korea amounted to 1.632 billion U.S. dollars, a year-on-year increase of 92.6%; 2005 parts imported from South Korea amounted to 2.583 billion U.S. dollars, a year-on-year increase of 58.3%.
Analysts believe that the fact that Korean parts suppliers set up factories and expand production scale in China led to a reduction of imported from South Korea.
