According to the latest data from the Korean Customs, South Korea’s export performance in technology products was poor in September. According to the data, semiconductor exports fell by 40% year-on-year, and exports of mobile communication devices (which accounted for a small share of total exports) jumped 58%. In addition, South Korean exports fell by 22% year-on-year, the largest decline since 2009. Among them, South Korea’s exports to its largest trading partner, China, plummeted by 30%, exports to the United States fell by 21%, exports to Japan fell by 14%, and exports to the EU fell by 13%.
According to professionals, the decline in exports may continue for the rest of the year, which will put pressure on South Korea’s economic growth and the won.
The main problem behind the weakness of semiconductor sales is the poor sales of memory chips. Analysts said that at present, this situation can only be improved when the demand for memory in China and the United States is increased.
Industry insiders said that the continuation of the trade war between Japan and South Korea has led to a growing contradiction between South Korea and Japan in terms of export restrictions, which has caused damage to both sides and key semiconductor supply chains in Asia.