South Korea's Chip Inventory Surged 28% Month-on-month in January, The Larges...

South Korea's semiconductor inventory increased at the fastest rate in nearly 27 years in January, highlighting that the long-term downturn in the technology industry is dragging down the country's economic growth.
The Korea Statistics Agency said in a statement on Thursday that chip inventory jumped 28% month-on-month in January, the largest increase since February 1996. Inventory in January increased by 39.5% over the same period last year.
The chip industry is the main driving force of South Korea's trade-dependent economy, accounting for about 12% of South Korea's total exports last month.
Data earlier this week showed that South Korea's exports fell 7.5% year-on-year in February, the fifth consecutive month of decline, and chip exports fell 42.5%.
In addition, data from the Korean Bureau of Statistics showed that due to the sharp drop in sales prices, factory shipments in January fell 25.8% year-on-year, and chip production fell 5.7% month-on-month.
South Korean Finance Minister Chou Kyeong-ho warned on Thursday that unless chip sales rebounded, South Korea's export downturn would continue.

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