According to news from foreign media, the Ministry of Industry, Trade and Resources of South Korea issued a report entitled "Trends in Raw Materials and Components Trading in the First Half of 2014" on July 7. The report shows that Korea’s trade deficit with Japanese raw materials and components was US$ 7.89 billion, a decrease of 12.8% year-on-year. According to the report, in the first half of this year, South Korea’s dependence on raw materials for raw materials was 18.0%, which is the lowest value since 1994. During the same period, the dependence on China's raw materials and parts was 28.3%, which was the highest in history. South Korea's import of raw materials and components made in China led the country for the first time in 2008, and it has been clearly in the upper hand since 2011. Especially in electronic components (26.9%) and chemical products (11.5%), China quickly replaced Japan. The report shows that in South Korea's imports of electronic components and chemical products in the first half of this year, Chinese production increased by 26.9% and 11.5%, respectively, while Japanese production dropped by 16.7% and 9.6% respectively. The reason for this phenomenon is that the quality of raw materials and components produced in China has increased dramatically. Under the strategy of “Strengthening the Way for Strong Enterprisesâ€, China has set itself the goal of raising the localization rate of core components and new materials to 80% in five years. Many people worry that if Chinese raw materials and parts with price advantages are of high quality at the same time, the dependence of Korean products on China will increase. According to the relevant person from Korea’s Ministry of Industry, “Chinese parts have so far lagging behind South Korea in terms of high added value, but their quality has improved very quickly. To prevent excessive dependence on the importation of specific countries, the Korean Ministry of Industry is paying attention to this. Variety."
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