South Korea’s exports fell 7.4% year-on-year in 2023 amid sluggish chip performance coupled with global economic uncertainty, official data showed on Monday.
The country’s exports are worth $632.7 billion, down 7.4% from 2022, according to data compiled by the Ministry of Trade, Industry, and Energy.
South Korea’s imports fell 12.1% year-on-year to $647.2 billion in 2023, resulting in a trade deficit of $9.97 billion.
“The slowdown in exports in 2023 was due to global monetary tightening moves along with the delayed recovery of the Chinese economy,” the Ministry of Trade, Industry, and Energy said.
Automotive exports remained robust throughout 2023 as overseas shipments of semiconductors gradually recovered.
Monthly exports rose 5.1% year-on-year to $57.6 billion in December, marking a continuous increase for the third consecutive month.
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