Busan's Imported Goods 90% Dependent on China, "Must Prepare for Prolonged COVID-19"

Busan Chamber of Commerce and Industry Building / Photo by Busan Chamber of Commerce and Industry

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Jonghyo] It has been revealed that 90% of all imported items in Busan depend on China, and it is analyzed that if the novel coronavirus infection (COVID-19) situation prolongs, it will impact the local economy.

The Busan Chamber of Commerce and Industry announced the results of the 'Analysis of Busan Region's Import Dependence on China by Item Related to the Novel Coronavirus' on the 13th.

According to the data, out of 1,189 total imported items in Busan, 1,055 items are imported from China, accounting for 90% of all imported items.

Among these, 390 items have a high dependence on imports from China, with an import dependence rate of 50% or more, accounting for 37% of all Chinese imported items. The import value of these items was even higher at 48.3%.

Among the top 20 imported items from China, 7 items had a high dependence rate of over 50%, including steel and steel products, and organic chemicals. The item with the highest dependence was edible vegetables, with 81% of Busan's total imports coming from China.

If the COVID-19 situation in China prolongs and causes disruptions in the supply of imported items from China, the damage to the local economy is inevitable.

A representative from the Busan Chamber of Commerce and Industry stated, “In preparation for the prolonged novel coronavirus situation, thorough preparation by related local industries and companies is necessary,” and added, “Rapid and practical support measures are needed to minimize damage to companies across the entire local industry, including the consumer market and manufacturing.”

This content was produced with the assistance of AI translation services.