"'Tsunami from China Approaches'... Chinese Cars Poised for First Overtake in the US [Premium Chinese-Made Invasion]"

China Tea Import Scale $1.7 Billion... 64% Increase Compared to Previous Year

This year, the volume of Chinese-made cars imported into South Korea is expected to surpass that of the United States for the first time. Next year, Chinese electric vehicle manufacturer BYD officially announced its entry into the Korean market, making it increasingly likely that the import volume will rank second after Germany. The Chinese-made tsunami offensive is spreading comprehensively, from raw materials such as steel to home appliances and now automobiles.

According to statistics from the Korea International Trade Association on the 29th, the value of cars imported from China from the beginning of this year until last month was recorded at $1.727 billion. This represents an increase of about 64% compared to the same period last year, already surpassing last year’s total annual import volume ($1.249 billion). Except for 2020, when trade itself was restricted due to COVID-19, automobile imports from China have maintained a steady double-digit growth rate since 2017. Last year, imports more than doubled compared to the previous year.

As the number of cars imported from China increases, the import value of American-made cars ($1.788 billion) has become similar. Until 2019, the share of China in total automobile imports was less than 2%, but this year it has risen to around 15%. If this trend continues, China could surpass the United States for the first time to become the second-largest source of automobile imports on an annual basis. Currently, the largest country for imported cars is Germany ($4.8 billion).

With the increasing share of Chinese-made imports in automobiles, the industry is using the term "Chinese-made tsunami." Imports of home appliances are also steadily increasing. According to trade statistics, the import value of Chinese-made household electronic products from the beginning of this year until last month was $4.157 billion, an 11% increase compared to the same period last year.

Considering that the total import value of home appliances in South Korea during this period was $6.978 billion, the share of Chinese-made products is 60%, the highest ever. China has been South Korea’s largest source of home appliance imports since 2005. While Chinese-made home appliances were previously close to a volume offensive based on price competitiveness, recently they have incorporated advanced technology and are recognized as having considerably high technological competitiveness even at the global level.