韩国出口格局生变：对美出口连月下滑，中企东盟接棒，或成新筹码

Core Viewpoint - The shift in South Korea's export structure from reliance on the U.S. to diversification towards China and ASEAN is not a temporary fluctuation but a long-term transformation driven by policy changes [2][4][13]. Export Trends - South Korea's exports to the U.S. decreased by 3.7% year-on-year in the first half of the year, with a significant drop of 12% in August and an 8.2% decline in the first ten days of September, indicating a persistent downward trend [2][4]. - In contrast, exports to China and ASEAN remained stable, with exports to China at approximately $110 billion in July and August, and ASEAN exports exceeding $108 billion during the same period [4][6]. Market Diversification - The South Korean government has recognized the high dependency on U.S. exports and is actively promoting market diversification, which is reflected in the current export trends [4][8]. - Concerns about the stability of demand from China and ASEAN are addressed by highlighting the consistent demand for semiconductor equipment and automotive parts from China, as well as the growing potential of the ASEAN market [6][8]. Investment Strategy - South Korean companies are adjusting their investment plans in the U.S. due to risks associated with U.S. policies, opting instead for more stable markets in Latin America and Europe, which also present high-end market opportunities [10][11]. - The shift in investment strategy is seen as a rational risk-avoidance measure rather than a retreat from high-end sectors, allowing for a more concentrated resource allocation in stable markets [11][13]. Long-term Outlook - The changes in South Korea's export structure are viewed as a necessary adaptation for an export-oriented economy to mitigate risks associated with global trade uncertainties, moving from a single-market dependency to a diversified approach [13].