US Trade Losing Out In Korea

This story in The Korea Times is pretty much a tribute to Captain Obvious, but it is interesting in terms of financial issues, especially within the current financial crisis that will continue for awhile.

It is a brief explanation of how the US is losing a lot of ground in trade when it comes to Korea and most other Asian countries. With the emergence of China, the re-emergence of Russia and the always-solid (in recent decades) Japan, Korean officials are shifting their trade focus to those three giants.

From the story:

'South Korea was able to rise from the ashes of the 1950-53 Korean War on the back of international aid, most of which came from the United States.

The world's largest economy imported Korea's agricultural products, garments and other manufactured goods from the 1950s through the '70s on favorable terms to help the Asian nation outpace the Communist North Korea.

The U.S. also provided Korea with flour and other basic necessities at lower costs to help it feed its people. It was the country's largest trading partner over the past five decades.

But its influence in what is now Asia's fourth-largest economy has been diminishing rapidly over the last 10 years, with Korea expanding trade relations with China, Russia and other emerging economies.'

 This is not something that will cause a huge reaction anywhere, really, because it just makes sense. When the US began it's trading with the Koreans, China, Japan and Russia really didn't exist as economic powers go. But as those countries rise in global supremancy, it is just natural for Korea to look to them more, as opposed to the US, which is 7,000 miles away.