Jiangsu’s foreign trade with South Korea hits record high

2022-08-30 15:26:00

Jiangsu's foreign trade with South Korea in the first seven months of the year reached 343.76 billion yuan, up 19.3% year-on-year, according to Nanjing Customs.

Among the total foreign trade volume, exports rose 27.2% year-on-year to 138.35 billion yuan. In comparison, imports went up 14.5% to 205.41 billion yuan. Both hit a record high in the same period.

On August 25, SK On Jiangsu, located at the China-South Korea (Yancheng) Industrial Park, printed out a certificate of origin via a customs self-service device, the company’s 382th such document for exports.

"With the certificate of origin, the lithium batteries can enjoy an 8% tariff reduction in South Korea, the company’s main export market. The annual export volume is about $1 billion, and this trade document can help reduce the tariff about 530 million yuan, a great boost to the product’s competitiveness," said Xu Changcheng, manager of foreign trade department of the company.

From January to July, Nanjing Customs issued a total of 63,600 certificates of origin under the China-South Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership Agreement for products worth 35.937 billion yuan.