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In terms of the new epidemic, South Korea has become the country with the second most cases after China. The Moon Jae-in government said yesterday that it plans to take "maximum blockade" measures on Daegu and North Gyeongsang Province; because the intermediate goods produced in South Korea account for 90% of its total exports, ahead of China's 61% or Germany's 55%, and South Korea dominates the development of global memory chips and display panels. If the supply chain is broken, it will harm the global information technology (IT) industry.
The Wall Street Journal reported that South Korea's importance in the global supply chain exceeds that of countries with similar economic size, and the spread of the epidemic may make it difficult for South Korea to maintain its status as a major exporter.
Blue House spokesman Kang Min-seok explained that South Korean President Moon Jae-in's so-called "maximum lockdown" measures do not mean "closing the city" or closing traffic, but rather blocking the spread of the epidemic to the greatest extent possible.
However, the report pointed out that even if the South Korean government can prevent the further spread of the epidemic, the cooling of economic activities may continue for weeks, and manufacturing industries around the world will soon feel the chill; if South Korea adopts industrial closure measures similar to China's, global manufacturers will face many intermediate financial supply chain shocks. Many companies that have been busy looking for alternatives to Chinese-made products in the past three weeks may now find that South Korea's parts supply is also facing trouble.
The report said that South Korea's exports account for 44% of its gross domestic product (GDP), second only to Germany among major advanced countries; South Korea's advantage is that it produces intermediate goods needed by other manufacturers, accounting for 90% of its total exports, and South Korea occupies a leading position in the electronics field, dominating the development of memory chips and display panels.
South Korea has a medium-sized economy but is a major trading power. In 2015, its population was about 51 million, and the value of its intermediate goods exports that year reached US$382 billion, surpassing countries with larger GDPs such as France. Any shutdown measures taken by South Korea would immediately affect other regions.
SK, LG employees in Daegu work from home
TrendForce data shows that South Korea accounts for 73% of the global memory market, with Samsung Electronics' DRAM (dynamic random access memory) market share reaching 43%, followed by SK Hynix's 29%. After South Korea raised the epidemic alert to the "most serious level" on Sunday, SK Group has asked its employees in Seoul, LG Electronics and LG Display to ask employees who have been to Daegu to work remotely from home within two weeks.
Samsung's Vietnam factory inventory will run out due to China supply chain disruption
Samsung Electronics said that its Gumi, South Korea, factory had been shut down for two days last weekend after an employee was confirmed infected. At 1 p.m. on the 24th, the factory had resumed normal operations, and "production is not expected to be affected." However, due to the supply chain disruption in China, Samsung's Vietnam factory's Chinese component warehouse is about to run out, and the production of new phones may be delayed. Samsung recently released its latest foldable phone and Galaxy S20 5G phone.
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