South Korean media: Chinese products are entering the South Korean market, from manufacturing to electric vehicles and home appliances!
On August 6, the South Korean media "Today Asia" published an article stating that the strong offensive of Chinese products has swept across South Korea, starting with low-cost daily necessities imported through channels such as Alibaba and Temu. With the opening of the Xiaomi Yeouido store, home appliances have also been threatened. Now, BYD cars are also running on the streets of South Korea. Chinese products entering South Korean life have already impacted the cornerstone of South Korea's manufacturing industry - the steel and chemical industries.
According to the Korean Import Car Association, in March, the number of electric vehicle sales in South Korea was only 10 for BYD. However, within a month, in April, it jumped to the top of the list of imported electric vehicle sales in South Korea. Since then, BYD has joined Tesla in the forefront of the relevant market. BYD, with its excellent cost-performance of just over 3 million won, seems to be rapidly capturing the market. In addition to setting up showrooms and service centers across South Korea, BYD is also expanding its influence at the South Korean battery exhibition.
In the home appliance giant South Korea, where Samsung and LG are located, Xiaomi, which has been performing poorly, has also established a South Korean subsidiary and recently opened the first official offline store in Seoul's Yeoju Island. Chinese e-commerce companies such as Alibaba and Temu, which have cooperated with South Korean logistics, are also establishing South Korean subsidiaries and actively conducting marketing activities.
Although it seems to have just begun, some South Korean industries have already fallen into difficulty due to the influx of Chinese products. According to the Korean Chemical Industry Association, the amount of Chinese petrochemical products imported by South Korea last year was 2.418 million tons, nearly doubling compared to 2020. Chinese steel is also flooding into South Korea like a tide. According to the Korean Steel Association, the amount of Chinese thick plates imported by South Korea last year reached 1.381476 million tons, setting a new record high.
The quality of Chinese products also threatens South Korea. Joo Chul, a senior researcher at the Korea Institute for Industrial Technology, said, "In fact, except for storage semiconductors and high-value-added ships, Chinese enterprises have already caught up with our level in most industries. We need to think about new technologies or differentiated methods."
Original article: https://www.toutiao.com/article/1839707281493067/
Statement: This article represents the views of the author.