China reclaims top spot as buyer of S. Korean goods

China has once again emerged as the top destination for South Korean products in the first seven months of this year, driven by a growing demand for semiconductors, as per data revealed on Sunday.

The Yonhap News Agency was quoted by WAM as showing that exports to China increased by 14.9 per cent year-on-year to $11.4 billion in July.

This marks the highest monthly total in almost two years since October 2022, according to information from the Ministry of Trade, Industry, and Energy and the Korea International Trade Association.

During this period, shipments to China totalled $74.8 billion, narrowly edging out the $74.5 billion exported to the United States.

While the US had briefly surpassed China as South Korea’s top export destination in the second quarter of last year, the latest figures indicate a shift in favour of the Chinese market.

The resurgence is largely attributed to a booming demand for South Korean semiconductors. In the first 25 days of July alone, semiconductor exports to China soared by 25.9 percent year-on-year, outpacing the overall export growth to China during the same period.

Attribution: WAM