Korea s exports to ASEAN markets are declining - an unwanted path for the country eyeing the region as an alternative to China amid growing needs to diversify trade partnerships. According to the Ministry of Trade, Industry and Energy, Korea s outbound shipments to 10 ASEAN member countries combined shrank for the past six months from a year before - 5.7 percent in October, 14.2 percent in November, 16.9 percent in December, 19.4 percent in January, 16.1 percent in February and 21 percent in March.
Vietnam is currently the Republic of Korea (RoK)’s third largest trading partner, while the RoK has become the largest direct investor in the Southeast Asian nation.