China's chip demand surges, South Korea's exports 'breakthrough'

China is emerging as the top export market for South Korean chip products.

South Korea is aiming to become a global chip manufacturing center. (Source: Insights)

South Korea's exports to China rose 14.9 percent year-on-year to $11.4 billion in July, marking the highest monthly export figure in nearly two years, according to data released by the Ministry of Trade, Industry and Energy and the Korea International Trade Association on August 4.

In the first 25 days of July, semiconductor exports to China increased 25.9 percent year-on-year, far exceeding the 10.4 percent increase in South Korea's total exports to China over the same period.

Thanks to this significant increase, China regained its position as the top import market for South Korea's goods based on data from January to July this year. During this period, South Korea's total exports to China reached $74.8 billion, surpassing the $74.5 billion exports to the US, according to Yonhap news agency.

China has long been South Korea’s largest import market, before the US took over in the second quarter of 2023. This shift back is largely due to increased South Korean chip exports to the world’s second-largest economy .

Source: https://baoquocte.vn/nhu-cau-chip-cua-trung-quoc-tang-manh-xuat-khau-cua-han-quoc-dot-pha-281318.html