South Korea's total semiconductor exports to China fell by 23.5% in Q1

Source: International e-commerce

According to data from the Ministry of Industry, Trade and Resources of South Korea, the total exports to China in the first quarter of this year were US$28.8 billion, the lowest level since 2016 (US$28.56 billion).
Among them, the export volume of semiconductors to China was US$13.73 billion, accounting for 47% of South Korea's total export volume to China, down 23.5% from US$17.94 billion in the same period last year.
Officials from the South Korean Ministry of Industry, Trade and Resources explained that semiconductor exports performed extremely strongly in 2024, resulting in an inverse cardinal effect this year.
"NAND memory prices fell from $4.8 in the first quarter of 2024 to $2.25 this year, and the increase in production of Chinese semiconductor companies has also had a negative impact on South Korea's semiconductor exports," the official pointed out.
China's exports to the United States are expected to shrink as the U.S. is subject to high tariffs on Chinese goods, which may reduce demand for South Korean products.
China's share of South Korea's total exports fell from 26% in 2021 to 19.7% in 2023, and further fell to 18% in the first quarter of 2025. In contrast, the U.S. accounted for 18.3% in 2023, and reached 19% in the first quarter of 2025.
South Korea's exports to the United States have increased by 33.5% over the past four years, but imports from the United States have fallen by 0.2%. Data released by the South Korean Customs Department on Monday showed that South Korea's total exports in the first 20 days of April 2025 were US$33.9 billion, a decrease of 5.2% from the same period last year, and nine of the top ten export categories all showed a decline. In particular, shipments to the United States fell sharply during this period.
The first deficit occurred in 2023
Trade data shows that in 2023, South Korea and China's trade balances showed a deficit for the first time in 31 years, the second time since the establishment of diplomatic relations between China and South Korea in 1992.
South Korea's exports to China in 2023 were US$123.5 billion, while the total imports from China were US$144.9 billion, resulting in a total trade volume of nearly US$270 billion. Compared with the 2022 data, South Korea's exports to China fell by 9%, a record low in 31 years.


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