South Korean chemicals companies are racing to tap new markets after racking up hundreds of millions of dollars in losses in the face of a deluge of capacity from China, their biggest market.
South Korean plastics giants are struggling due to increased production capacity from China, their largest market, leading to losses and a drop in exports. China's expansion allows them to rely less on Korean imports and even export to other countries, while accessing cheaper feedstocks inaccessible to South Korea. Some Korean companies are adapting by shutting down plants, and the sector's valuation has declined.
