China's semiconductor and IC imports have slumped. Why on Earth could that be?
The data may reflect the impact of US restrictions on the export of semiconductors to China. The US has alsowith allies – including South Korea, the Netherlands and Japan – to have their semiconductor-centric businesses restrict activities in China.
According to the customs report, imports and exports to the EU, the United States, and Japan declined during the period. China's largest trading partner was the ASEAN bloc, accounting for 15.4 percent of China's total foreign trade value across all industries and a year-on-year increase of trade by 9.6 percent.
Its second-largest trading partner was the EU, in which China decreased its total trade value by five percent. In third place was the US, which dropped by 10.6 percent, followed by Japan which decreased trade value by 5.7 percent. Total exports for China were down by 6.8 percent for the first two months of 2023 to $506.3 billion. Imports were down 10.2 percent to $389.4 billion."Against the backdrop of geopolitical conflicts and interest rate hikes by many countries, the economic growth prospects of major countries have deteriorated compared with last year.
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