South Korea’s exports decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties, industry ministry data showed Monday.

Outbound shipments stood at US$632.6 billion last year, according to data compiled by the Ministry of Trade, Industry and Energy.

Imports decreased 12.1 percent on-year to $642.7 billion in 2023, resulting in a trade deficit of $9.97 billion.

The industry ministry attributed the sluggish exports in 2023 to the global monetary tightening moves, coupled with the delayed recovery of the Chinese economy.

Nevertheless, it noted that exports of automobiles remained solid throughout 2023, with outbound shipments of semiconductors also recovering gradually.

For December, monthly exports advanced 5.1 percent on-year to $57.6 billion, rising for the third consecutive month.

Exports, a key economic growth engine for South Korea, rebounded in October after 13 months of an on-year decline.

Imports moved down 10.8 percent on-year last mo
nth to $53.1 billion, resulting in a trade surplus of $4.48 billion.

By sector, exports of chips moved up 21.8 percent on-year in December, rising for two consecutive months in yet another sign of a rebound.

Outbound shipments of automobiles also gained 17.9 percent, maintaining the growth for 18 consecutive months.

Other gainers included machinery, home appliances and display products.

By destination, the United States emerged as the top export destination for South Korean goods for the first time since June 2003, with outbound shipments above $11 billion.

Exports to China, on the other hand, fell 2.9 percent on-year to reach $10.9 billion in December.
Source: Yonhap News Agency