Need for Quick Delivery
The Korea International Trade Association said on February 16 that air transport accounted for 34.9% and 29.8% of Korea’s export and import amounts with respect to China between January and November last month, respectively. It added that air transport represented 32.8% of their bilateral trade amount during the same period.
The former two figures are 8.4 and 3.3 percentage points higher than the ratios of air transport to Korea’s total exports and imports. In addition, Korea’s exports by air in its trade with China are increasing at a rapid pace. Specifically, the ratio was as low as 22.8% five years ago.
The association explained that this is because the export and import of high value added IT products such as semiconductor devices and wireless communications devices have been on the rise.
“The necessity for quick delivery is on the increase because of various reasons including the expansion of e-commerce, the Chinese government’s plan for the expansion of air transport infrastructure and the implementation of the Korea-China FTA,” it remarked, adding, “Semiconductor, wireless communications equipment and computers, which are the top three items regarding Korea’s export to China by air, are currently representing 73.2% of that type of export from Korea to China.”