General

Customs data shows that among the major exporting countries to China, South Korea experienced the largest decline in exports to China in the first quarter.

Customs data shows that in the first quarter, South Korea's exports to China plummeted by 28% compared to the same period last year, mainly due to a significant decline in semiconductor exports.

In the first three months ended March 30th, South Korea's exports to China decreased to $38.2 billion. According to customs data from the General Administration of Customs of China, South Korea accounted for 6.2% of China's total imports during the same period, down from 8.1% in the same period last year.

Customs data shows that China's total import volume in the first three months of this year decreased by 7% year-on-year, to $617.12 billion.

Among the 23 countries and regions listed by the General Administration of Customs of China as China's major trading partners, South Korea's exports to China experienced the largest year-on-year decline in the first quarter.

According to customs data, in the first quarter of 2022, South Korea ranked second in terms of exports to China, second only to Taiwan. In the first quarter of this year, South Korea ranked fifth, with the United States exporting $46.4 billion of products to China, Taiwan $44.4 billion, Australia $39.1 billion, and Japan $38.6 billion.

According to data from the Korea International Trade Association and the Bank of Korea, due to reduced demand for chips and falling prices, South Korea's semiconductor exports in the first quarter sharply decreased by 40% compared to a year ago. In the first quarter, South Korea's chip exports to China plummeted by 44.5% year-on-year.