Weak chip demand hits South Korea’s exports in Q1

ISTANBUL

South Korea’s exports dropped by 12.6% year-on-year in the first quarter of 2023, local media reported on Tuesday.

The decline stemmed from decreased semiconductors deliveries to China, Vietnam, Hong Kong and Taiwan, according to Yonhap News Agency, citing the Korea International Trade Association (KITA).

The country’s exports totaled $151.5 billion in the first quarter, while imports amounted to $174 billion, down 2.2% on a yearly basis.

The trade deficit over the same period was $22.5 billion.

South Korea’s exports dropped by 16.4% in January, 7.6% in February and 13.6% in March, on a yearly basis.