Seoul, South Korea: China has reclaimed its position as the leading destination for South Korean products in the first seven months of this year, driven by a surge in demand for semiconductors, according to data released on Sunday.
Exports to China increased by 14.9 percent year-on-year, reaching $11.4 billion in July. This marks the highest monthly total since October 2022, as reported by the Ministry of Trade, Industry and Energy and the Korea International Trade Association.
With this substantial increase in July, China has overtaken the United States as the top buyer of South Korean goods from January to July. During this period, exports to China totalled $74.8 billion, compared to $74.5 billion to the United States.
China had long been the largest market for South Korean products until the United States surpassed it in the second quarter of last year. The recent shift back to China is primarily due to a significant rise in semiconductor exports.
In the first 25 days of July alone, semiconductor exports to China soared by 25.9 percent year-on-year, far exceeding the overall 10.4 percent increase in South Korea’s total exports to China during the same period.
Meanwhile, Taiwan remains the world’s largest semiconductor manufacturer, followed closely by South Korea, China, and the United States. Japan, Germany, and Israel are continuing their efforts to catch up in the semiconductor industry.
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