South Korea's Chip Exports Plunge 22.7% in July, First Decline in Nearly Thre...

South Korean chipmakers' factory exports fell in July for the first time in nearly three years, highlighting that demand is weakening, according to a report on Lian He Zao Bao of Singapore website on 31 July.

Citing Bloomberg, the report said semiconductor exports fell 22.7 % year-on-year in July after rising 5.1 % in June, according to a data released by South Korea's statistics office on the 31st. inventories remained high in July, up 80 % year-on-year and unchanged from the previous month.

Chip production also slowed for the fourth consecutive month in July, suggesting that major producers are adjusting output to reflect cooling demand and rising inventories, the report said.  


The report noted that the weakening momentum in chip sales has added to the gloomy global economic outlook. Semiconductors are a key component for a global economy that is increasingly dependent on electronics and online services. During the epidemic, demand for chips surged as many people turned to remote work and education to minimise the risk of contracting the virus.

The report suggests that the drop in semiconductor exports helps explain the decline in technology exports that South Korea recorded in July for the first time in more than two years. While South Korea's overall exports rose 9.4 % in July, overseas sales of memory chips slumped 13.5 %.


A Citigroup analyst warned that the global semiconductor industry is entering its worst downturn in 10 years and predicted that demand for the chip segment could fall another 25 %.

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