韩国经济凸显“芯片依赖症”：12月前20天出口增长放缓，半导体需求飙升掩盖经济结构性疲软

Group 1: Semiconductor Industry Performance - South Korea's semiconductor exports increased by nearly 42%, driven by demand from artificial intelligence and data centers, helping to offset declines in other sectors [1] - The overall export value for the first 20 days of December grew by 3.6% year-on-year, with a previous month's growth rate of 8.2% [1] - Wireless communication equipment shipments also saw a growth of nearly 18% [1] Group 2: Economic Outlook and Monetary Policy - Excluding the semiconductor sector, economic data remains weak, highlighting the strong performance of the semiconductor industry [3] - The Bank of Korea maintained the benchmark interest rate at 2.5% and raised the 2026 economic growth forecast to 1.8%, primarily due to growth in the chip and information technology sectors [3] - Barclays Bank forecasts a 2.1% growth in South Korean exports next year, but only 1.1% when excluding semiconductor-related exports, imports, and investments [3] Group 3: Trade Agreements and Currency Impact - A significant tariff agreement was reached between Seoul and Washington, setting the maximum tariff on South Korean goods at 15%, effective from November 1 [4] - The Korean won has depreciated over 8% against the US dollar since the second half of 2025, raising concerns about inflation [4] - Both the core consumer price index and overall consumer price index in South Korea have exceeded the Bank of Korea's target of 2% [4]