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S. Korea's Exports to China Plunge 28% in Q1, Biggest Fall among China's Trading Partners

Written: 2023-04-30 15:55:41Updated: 2023-04-30 18:48:26

S. Korea's Exports to China Plunge 28% in Q1, Biggest Fall among China's Trading Partners

Photo : KBS News

The country's exports to China suffered the biggest drop in the first quarter among China's major trading partners.

According to data by the General Administration of Customs of China on Sunday, South Korea's exports to China came to 38-point-two billion U.S. dollars in the January-to-March period, down 28-point-two percent from a year earlier.

With a seven-point-one percent drop in China's total imports in the first quarter, South Korea suffered the largest drop in exports to China among the country's 23 major trading partners.

The sharp drop is attributed to sluggish chip exports to China, which plunged 44-point-five percent in the first quarter.

Taiwan, which also heavily relies on semiconductors exports, suffered a 28 percent drop.

Japan witnessed a 19-point-five percent decline during the period, while the United States saw a drop of just one-point-two percent despite various export curbs.

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