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Home > Industry News

South Korea's Chip Exports Plunge 41.2% in First 10 Days of March

Views : 62
Update time : 2023-03-16 09:46:07
        Data released by the Korea Customs Service (Customs) on Monday showed that exports fell 16.2 percent year-on-year to $15.8 billion in the first 10 days of March as chip exports remained weak. Due to low global demand, chip exports plunged 41.2% during the period to just $2.26 billion.
 
 
        It is reported that the first 10 days of March this year, the number of days of work was 7.5 days, 1 day more than the same period last year. According to the number of days of work, the average daily export value fell even more year-on-year, 27.4%. Customs data show that semiconductor exports fell 41.2% year-on-year. As of last month, semiconductor exports in a single month for seven consecutive months of year-on-year decline. Wireless communication equipment fell 31.9% and precision equipment exports dropped 23.9%, but passenger car exports jumped 133.7% year-on-year.
        In the first 10 days of March, Korea's exports to the EU fell 6.2%, Vietnam fell 16.4% and Japan fell 7.3%. In contrast, exports to the U.S. and India increased by 5.6% and 5.5%, respectively.
        The semiconductor industry is one of the pillar industries of the Korean economy, and the global oversupply of chips in 2022 has increased the pressure on the Korean chip inventory. On the other hand, the "chip quadrilateral alliance" also allows China to avoid supply chain risks and reduce dependence on South Korean chips, according to data, in 2022, South Korea's chip exports to China decreased significantly by 31.4%. 



 
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