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South Korea’s semiconductor exports plunge 34% in July

South Korea’s semiconductor exports plunge 34% in July

Posted Date: 2023-08-05

August 4, 2023 /SemiMedia/ — South Korea’s exports fell additional in July as demand for semiconductors deteriorated, dampening hopes of a bottoming out in commerce, based on Bloomberg.

The report cited information launched by the South Korean Ministry of Commerce on August 1, exhibiting that South Korea’s exports in July fell by 16.5% year-on-year. Amongst them, semiconductor exports fell by 34%, which was worse than the 28% decline within the earlier month. When it comes to export areas, South Korea’s exports to China fell by 25.1% in July, and exports to america fell by 8.1%.

“Semiconductors are key to exports and we're unlikely to see a restoration till demand recovers and costs rebound. China is decreasing its dependence on imports and growing home manufacturing, which is placing stress on South Korea’s exports,” the analyst stated.

World financial exercise has been held again by excessive inflation, rising rates of interest and weak demand in China. However regardless of this, chipmakers have begun to foretell a restoration in shipments as demand picks up after a protracted interval of stagnation.