South Korea’s Exports Decline 2.7% in First 20 Days of January Due to Semiconductor Chip Sales Slump

SEOUL, South Korea – South Korea’s Customs Service announced on Saturday that exports for the country fell 2.7% in the first 20 days of January year-on-year, primarily due to a slump in semiconductor chip export sales. Exports were valued at $33.6 billion in the Jan. 1-20 period, compared to $34.5 billion a year earlier.

Imports for the same period rose 9.3% year-on-year to $43.8 billion, resulting in a trade deficit of $10.2 billion. Chip exports fell 34.1%, with chips being South Korea’s main export, while steel exports fell 11.2%.

Exports to China, South Korea’s biggest trading partner, fell 24.4%, marking the seventh straight month of decline. This decline in exports to China highlights the ongoing impact of tensions between the two countries on trade.

The decline in exports is a concern for the South Korean economy, which heavily relies on its export sector. The government and businesses will need to find ways to diversify and increase exports to other markets in order to mitigate the impact of the decline in exports to China.

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