Finance Associated Press, December 28 (edited by Ma Lan).South Korea occupies an important part of the global semiconductor**, so it has always been regarded as the "canary in the coal mine" of the global technology industry, and its chip production and shipments are one of the high-profile indicators.
The data released by Statistics Korea on Thursday further strengthened the market's confidence in the recovery of the semiconductor industry, which is an extremely favorable signal for the industry and the global technology industry.
According to the data, South Korea's chip production increased by 42% year-on-year in November, the largest increase since the beginning of 2017Shipments jumped 80 percent, the fastest pace since late 2002. At the same time, inventories rose 36%, the smallest increase since February, underscoring the strong demand in the market.
These figures show that South Korea's semiconductor industry is gradually recovering from a more than year-long downturn, which also makes more chipmakers confident about the future development of the market.
Economic Growth** As South Korea is quite dependent on the semiconductor industry, the market sluggishness in the past period has dragged down the overall growth of the Korean economy. According to the Bank of Korea**, South Korea's economy will grow by just 14%, behind 2. in 20226%。
However, the recovery of the chip industry is expected to fuel South Korea's economy next year. The Bank of Korea expects that semiconductor exports will further strengthen after resuming growth in October this year, and the emergence of memory chips, artificial intelligence and other information technologies have increased the demand for chips, helping South Korea achieve a GDP of 2 next year2% growth.
South Korea's finance ministry also said in a statement after the data were released on Thursday that demand for high-performance semiconductors had helped the chip and machinery industries.
Shannon Nicoll, assistant economist at Moody's Analytics, pointed out that the growth in global demand for Korean goods is expected to alleviate the adverse impact of high inflation and high interest rates in the region, and industrial production will further rebound.