South Korea’s exports to China tumble 25.5 per cent as world’s No 2 economy sputters under lockdown
- Shipments to China have fallen for six consecutive months, but November’s decline was the sharpest since mid-2009
- South Korean shipments worldwide fell by 14 per cent to US$51.91 billion last month compared to November 2021
Exports from electronics powerhouse South Korea to its key market of China fell by 25.5 per cent year on year in November as widespread lockdowns dampened consumer sentiment in the world’s No 2 economy.
Shipments to China have fallen for six consecutive months, but November’s decline was the sharpest since mid-2009, with purchases slowing of Korean tech products such as semiconductors, which are used to make electronics for domestic sale or re-export.
“Mainly the reason is that China’s domestic demand is very weak,” said Ding Shuang, head of Greater China economic research at Standard Chartered in Hong Kong. “End users have no way to go out and consume.”
Coronavirus controls in much of China this year have forced millions to stay indoors.
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