South Korean companies are doing brisk business at the 102nd China Import and Export Fair (CIEF), which opened on Monday in Guangzhou, capital of South China's Guangdong Province.

According to an official from the South Korean Consulate General in Guangzhou, the country's products are currently selling well at the biannual CIEF, China's biggest trade event.

 "Many Chinese business representatives have visited the South Korean booths and shown great interest in the products since CIEF opened,'' said the official.

A total of 52 companies from South Korea are participating in the current session of CIEF –displaying a wide range of quality products in order to seek sales expansion in the huge Chinese market

The Number is far Higher than 36 firms that attended the  last session in April.

 "The increase in the number of South Korean companies attending CIEF shows South Korea's increasing confidence in the Chinese market," said the consular official.

According to statistics from the Ministry of Commerce, foreign trade volume between China and South Korea reached $101.2 billion in the first eight months of this year, up 19.4 percent year-on-year.

China sold $35.6 billion worth of products to South Korea, while purchasing South Korean products worth $65.6 billion, which comprised mainly electronics, crude oil, petrochemicals and cosmetic products.

China has become the biggest trade partner of South Korea, one of Asia's developed Asian economies, with a trade deficit of more than $45.2 billion last year.

The South Korean consular official estimated that the trade volume between the two nations will hit more than $200 billion by 2012.

(Source: Canton Fair News)