South Korea's chip exports reached US$99.1 billion in 2020

Latest update time：2021-09-01 15:24

Reads：

Source: Content reproduced from Juheng.com , thank you.

Preliminary data showed that South Korea's exports jumped 12.6% in December, the biggest increase in 26 months. Although the full-year decline was still 5.4% due to the epidemic, the recent recovery in chip shipments helped slow the decline.

South Korea's Ministry of Trade, Industry and Energy (MTIE) announced that exports in December increased by 12.6% year-on-year to US$51.41 billion, far exceeding the market's forecast of 5.6% and significantly higher than November's 4.1%. This is the first time since November 2018 that exports have exceeded the US$50 billion mark, mainly due to the chip industry.

South Korea's exports shrank by 5.4% and imports fell by 7.2% throughout the year, reflecting the impact of the epidemic. The trade surplus for the whole year was US$45.6 billion, the 12th consecutive year of surplus.

"Despite the decline in exports, clear signs of recovery began to emerge in the third quarter," the Ministry of Trade and Industry said in a statement.

South Korea's exports fell all the way after the outbreak in the spring, rebounded in September, but fell again in October due to the resurgence of the epidemic. It was not until the last two months of the year that South Korea's exports returned to growth due to strong overseas demand for chips.

Chip exports grow strongly

South Korea's full-year chip exports grew 5.6% to US$99.1 billion, second only to the record of US$126.7 billion set in 2018.

Biotech products, including COVID-19 testing tools, also achieved impressive export results, ranking among the top ten export items of the year.

According to statistics from the Ministry of Trade and Industry in December, South Korea's chip exports increased by 30% year-on-year, the largest increase since August 2018. During the same period, exports of displays and mobile devices also increased by 28% and 39.8%, respectively.

By export region, South Korea's exports to China climbed 3.3% in December, exports to the United States grew 11.6%, and shipments to the European Union surged 26.4%.

*Disclaimer: This article is originally written by the author. The content of the article is the author's personal opinion. Semiconductor Industry Observer reprints it only to convey a different point of view. It does not mean that Semiconductor Industry Observer agrees or supports this point of view. If you have any objections, please contact Semiconductor Industry Observer.

Today is the 2542nd content shared by "Semiconductor Industry Observer" for you, welcome to follow.