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Tags: exports, South Korea
The exports of South Korea are commonly characterized as a leading economic indicator or the world’s “canary in the coal mine,” because of their significant exposure to the three largest economies: the United States, China, and Japan. South Korea’s exports saw positive growth in December 2023, increasing by 5.1% year-over-year to reach $57.6 billion. This fell short of expectations for a 6.6% rise but still marked the third straight month of export expansion. The growth was powered mainly by a rebound in semiconductor exports, which surged 21.8% for the second consecutive monthly increase.
Other bright spots included automobile exports, extending an 18-month growth streak with a 17.9% jump, and display products and home appliances increasing 10.9% and 2.9%, respectively. By destination, shipments to the United States witnessed robust 20.8% growth. However, exports to top trading partner China continued their decline, dropping 2.9%.
For full-year 2023, South Korea’s overall exports retreated 7.4% over 2022. The significant downturn resulted primarily from a 23.7% plunge in chip sales amid global economic uncertainty and China’s softening economy. Despite December’s better-than-expected increase, challenging external conditions persisted for Korean exporters.
(Exports YoY,MOTIE Korea)
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