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South Korea's Exports Have Recovered Strongly, With Chip Exports Up 45 Percent In The First 20 Days OF May From A Year Earlier

South Korea's Exports Have Recovered Strongly, With Chip Exports Up 45 Percent In The First 20 Days OF May From A Year Earlier

June 12 , 2024 0

On May 21, the South Korean Customs released trade data showing that since May this year, South Korean exports have continued to grow at a double-digit rate, indicating that the global economy is also accelerating growth this year.

Data show that in the first 20 days of May, the total value of South Korea's exports after adjusting for differences in working days increased by 17.7% year-on-year, and unadjusted exports increased by 1.5%; South Korea's overall imports fell 9.8 percent from a year earlier, leaving a trade deficit of $304 million.

South Korea's exports to the US rose 6.3 per cent in the first 20 days of May, while those to China rose 1.3 per cent, according to South Korean customs data. However, South Korea's exports to the European Union fell 11.8 percent.

South Korea's economy is rebounding fast thanks to a strong recovery in exports. In the first three months of the year, South Korea's GDP rose 1.3 per cent from the previous quarter, much better than the 0.6 per cent growth expected by economists. As a result, South Korea has raised its economic growth forecast for this year from a previous estimate of 2.1 percent.

The Korean economy is expected to recover in 2024, mainly due to an increase in exports, especially from the semiconductor industry. According to South Korean customs data, in the first 20 days of May, South Korea's semiconductor exports increased by 45.5% from the same period last year. At the same time, however, car sales fell 4.2 per cent year on year and exports of wireless communications equipment fell 9 per cent.

Since 2024, the global semiconductor market has gradually recovered, which has directly led to the growth of South Korea's semiconductor exports. In the same period of 2023, due to the downturn in the global semiconductor market, South Korea's semiconductor exports fell sharply, and this year, on the contrary, the recovery of the market has made South Korea's semiconductor exports significantly increase.

Specifically, the Korean semiconductor industry maintains a leading position in the global market, especially in the field of memory chips. Starting from October 2023, the surge in demand for AI-related memory chips has become an important factor in the growth of South Korea's chip exports. In particular, increased supply demand for companies such as Nvidia has further driven the surge in chip production in South Korea.

Recently, South Korea's exports of information and communications technology products surged 33.8 per cent year on year to $17.08 billion in April, the sixth consecutive month of growth, official data showed. Chip exports rose 53.9 percent year on year to $9.96 billion, the sixth consecutive month of double-digit growth. Among them, memory chip exports increased 98.7 percent year-on-year to $5.82 billion.

It is worth mentioning that on May 12, 2024, the South Korean government announced that it will promote a support plan of more than 10 trillion won to strengthen the competitiveness of the semiconductor industry. The plan covers all aspects of equipment manufacturing and back-end processes, and will be financed through the policy finance of KDB, the state-owned bank, or a joint fund jointly funded by the financial, private and policy finance sectors.

Earlier, South Korea's Minister of Trade, Industry and Energy, Undergun, also said that the government will actively support the semiconductor industry and accelerate the development of high-bandwidth memory and artificial intelligence chips to achieve the annual export target of $120 billion.