In the first 10 days of April, the export value of South Korean semiconductors plummeted by 39.8 year-on-year

Source: Xinzhixun

    According to Yonhap News Agency, according to data released by the Korea Customs Service on April 11th, from April 1st to 10th, 2023, South Korea‘s total exports amounted to $14 billion, a decrease of 8.6% from $15.3 billion in the same period in 2022; The import volume also decreased by 7.3% to $17.4 billion. And this is mainly due to the decline in semiconductor exports.

    Due to the extremely tight monetary policies of major economies such as the United States and Europe, which have had a tightening effect on international prosperity, South Korea‘s export volume has started to decline since October 2022, and as of March 2023, it has been declining for six consecutive times.

    According to product categories, as the semiconductor chip that accounts for the largest export volume in South Korea, its export volume plummeted by 39.8% to $1.77 billion in the first 10 days of April, reflecting the global chip industry‘s continued decline. The semiconductor industry is the lifeblood of South Korea‘s economy, accounting for approximately 20% of the country‘s total exports.

    In contrast, the export value of automobiles increased by 64.2% compared to the same period in 2022, reaching $1.5 billion, offsetting a certain decline in overall export value. Mainly benefiting from the easing of the shortage of automotive semiconductors and the successful export of South Korean new energy vehicles (Eco friendly Cars).

    By region of export destination, South Korea‘s export to Chinese Mainland dropped by 31.9% to 2.66 billion US dollars, reflecting that the demand of Chinese Mainland has not yet recovered significantly; Exports to the United States increased by 32.1% year-on-year to US $3.045 billion, overtaking Chinese Mainland as South Korea‘s largest trading partner; An increase of 14.5% in exports to the European Union; The export volume to Vietnam and Japan decreased by 32.6% and 13.4% respectively.