SEOUL — China has reestablished itself as the top destination for South Korean exports during the first seven months of 2023, primarily due to a surge in semiconductor demand, according to recent data.
According to Yonhap News Agency, Industry and Energy along with the Korea International Trade Association, shows that exports to China increased by 14.9 percent year-on-year to $11.4 billion in July alone. This spike marks the highest monthly total since October 2022 and has propelled China back to the forefront as the leading buyer of South Korean products, surpassing the United States with cumulative exports totaling $74.8 billion from January to July 2023.
Previously, China had been the largest market for South Korean exports until the second quarter of last year when the United States briefly overtook it. The recent resurgence is largely attributed to a robust increase in semiconductor sales, which soared by 25.9 percent in the first 25 days of July alone, significantly outpacing the general export growth rate of 10.4 percent to China during the same period.