Korea's Growth Largely Due to Exports to China

      November 23, 2010 08:45

      More than half of Korea's economic growth since the financial crisis is due to its exports to China. In a report published on Monday, the Korea Institute for Industrial Economics said Korea's GDP stood at W504 trillion (US$1=W1,127) in the first half of 2010, up 4.2 percent from the same period in 2008.

      Out of the total W20 trillion increase, W10.4 trillion or about 52 percent was due to an increase in the volume of net exports to China.

      Korea's growth would have been cut in half if exports to China had stagnated, the think tank speculated.

      In the first half of this year, the country's gross exports increased 3.5 percent from 2008 and exports to China rose 17.2 percent.

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