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South Korea is now importing more Kimchi from China than it exports globally, highlighting a significant shift in trade dynamics. The country has been experiencing a 'Kimchi deficit' for some time, attributed to the overcapacity of Chinese Kimchi production, as reported by FT. This situation mirrors broader trends where South Korean exporters face increased competition from Chinese rivals in various sectors, including steel, which costs 3x as much as Chinese steel. Additionally, South Korea's auto trade balance with China has reversed since 2015, now showing a deficit.
