China reclaims top spot of S. Korean products amid rising chip demand: data
Aug 04, 2024
Seoul [South Korea], August 4: China has once again become the leading destination for South Korean products in the first seven months of this year, driven by increasing demand for semiconductors, data showed Sunday.
According to the Yonhap News Agency, exports to China surged 14.9 percent year-on-year to $11.4 billion in July, marking the highest monthly total in nearly two years since October 2022, according to data from the Ministry of Trade, Industry and Energy and the Korea International Trade Association.
As a result of this substantial increase in July, China has reclaimed its position as the top buyer of South Korean goods based on cumulative data from January to July.
During this period, shipments to China totaled $74.8 billion, surpassing the $74.5 billion worth of exports to the United States.
China had long been the largest purchaser of South Korean products before the United States took over this position in the second quarter of last year.
The shift back to China is largely attributed to a significant rise in South Korean semiconductor exports.
In the first 25 days of July, semiconductor exports to China soared by 25.9 percent on-year, outpacing the overall increase of 10.4 percent in South Korea's total exports to China during the same period.
Source: Emirates News Agency
