S. Korea’s exports down 7.4 pct in 2023 amid weak chip demand

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. 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 amid aggressive monetary tightening by major economies and a global economic slowdown. Imports moved down 10.8 percent on-year last month to $53.1 billion, resulting in a trade surplus of $4.48 billion. Source: Yonhap News Agency