China regains position as largest importer of South Korean goods amid increased demand for semiconductors

(MENAFN) In the first seven months of 2024, China has regained its status as the leading destination for South Korean exports, driven by a significant increase in demand for semiconductors. South Korea's exports to China saw a notable rise of 14.9 percent year-on-year, reaching USD11.4 billion in July, according to the Ministry of Trade, Industry and Energy and the Korea International Trade Association. This figure represents the highest monthly total since October 2022. As a result of this surge, China has overtaken the United States as South Korea's largest export market, with total exports to China amounting to USD74.8 billion from January to July, compared to USD74.5 billion to the United States.

The shift back to China as the primary buyer of South Korean products is largely attributed to a sharp increase in semiconductor exports. Specifically, semiconductor shipments to China grew by 25.9 percent in the first 25 days of July alone, outpacing the overall 10.4 percent rise in South Korea's total exports to the country. This resurgence underscores China's pivotal role in South Korea's export economy, particularly in the semiconductor sector, which has been a key driver of the recent trade dynamics. 

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