"South Korea's Trade Dynamics Shift Amidst Chip Slump and Export Market Changes"
South Korea experienced its first trade deficit with China in 31 years, with a shortfall of $18 billion in 2023. The country's exports to China dropped by 20% to $124.8 billion, while imports from China decreased by 8% to $142.8 billion. Despite the deficit with China, South Korea's overall trade deficit narrowed as its exports to the U.S. increased.