The semiconductor industry is in a cold climate, and South Korea's chip exports have plummeted.

(Photo by European News Agency)

[Financial Channel/Comprehensive Report] The weakening of the semiconductor business has caused serious damage to South Korea's exports.

In the first 20 days of January 2023, chip exports plummeted by 34%, of which shipments to China fell by 24.4%.

Bloomberg reported that as the economy is heavily dependent on global trade, the performance of export trade has a profound impact on South Korea’s economy. South Korea’s central bank governor Rhee Chang-yong recently admitted that shrinking exports is one of his three major concerns this year, and the other two are strong oil prices and the real estate market plummeted.

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Therefore, weak exports have become one of the biggest headwinds facing the South Korean economy this year, and weakening demand for semiconductors is at the heart of the country's economic downturn.

According to the latest statistics from the South Korean Customs, in the first 20 days of January this year, chip sales plummeted by 34%, and shipments to China fell by 24.4%, resulting in a 2.7% shrinkage in overall exports.

The Korea International Trade Association predicts that exports this year may be 4% lower than in 2022.

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