South Korea recorded the largest decline in exports among the main exporters to China in the first quarter of this year.
Data from China’s General Administration of Customs showed that Korean exports to China fell 28 percent year-on-year to $38.2 billion in the January-March period of this year, due to a sharp decline in semiconductor shipments.
South Korea accounted for 6.2 percent of China’s total imports in the first quarter of this year, down from 8.1 percent in the same period a year earlier, according to data released by the China General Administration of Customs.
The data showed that China’s total imports fell by 7 percent year-on-year to $617.12 billion in the first three months of this year.
South Korea reported the largest year-on-year decline in exports to the neighboring country in the first quarter among the 23 countries and regions that the Chinese administration considers China’s major trading partners.
Korea’s semiconductor exports fell 40 percent year-on-year in the first quarter of this year, amid lower demand for chips and lower prices, according to the Korea International Trade Association and the Bank of Korea.
