As China gets stronger,militarily,and richer South Korea’s future looks more and more bleak. I wouldn’t bet a nickel that the ROK will still be a prosperous,stable and independent country ten years from now.
Xi just bought another country.
I would speculate that the reason for the deficit is because of the prohibition of sending computer chips and related manufacturing equipment from South Korea to China, that the Biden Administration just waived.
China has fallen on it’s ass.
Consumers are not buying anything and there is absolutely no demand for stuff from South Korea or any where else.