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One Year after the RCEP Agreement, 67% of Exports Utilizing the Agreement are to Japan(South Korea)

February 07, 2023

On February 1, the Korea Customs Service announced the results of imports and exports utilizing the Regional Comprehensive Economic Partnership (RCEP) agreement, which has been in effect for one year (Note 1).During the 11-month period from February to December 2022, exports utilizing the RCEP agreement totaled approximately $3.3 billion (Note 2), while imports totaled approximately $5.6 billion.

By country, exports to Japan totaled approximately $2.234 billion, accounting for 67.3% of the total value of exports utilizing the agreement, while exports to China totaled $920 million, accounting for 27.7% (see attached Table 1). Imports from Japan amounted to $2.716 billion, accounting for 48.3% of the total value of imports utilizing the agreement, and imports from China amounted to $2.178 billion, accounting for 38.7% (see attached data Table 2).

In terms of exports by category, lithium compounds, chemical raw materials for battery production such as nickel sulfate, and plastic materials such as propylene polymer, and in terms of imports, battery raw materials such as lithium oxide and lithium hydroxide, and other oil adjustment products were the main items (see attached materials "Table 3 Exports by Category Utilizing the RCEP Agreement (See the attached materials "Table 3: Exports by category based on the RCEP Agreement" and "Table 4: Imports by category based on the RCEP Agreement").


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