The analysis shows that Korea's semiconductor exports are highly dependent on demand for smartphones and servers, as well as from the United States and China, so the volatility of the related economy is greater than that of other countries.

According to the Bank of Korea's 'Characteristics and Implications of Korea's Semiconductor Demand Structure' report, it is estimated that the proportion of demand for smartphones and servers in Korea's semiconductor exports is 44% and 20.6%, respectively.

By region, the United States and China have a large proportion, but in the case of smartphones, the two countries are at a similar level, and in the case of servers, the United States is more affected.

Considering this demand structure, Han explained that the future of the domestic semiconductor economy will depend on the recovery of smartphone consumption in China and data center investment in the United States.

First of all, China's smartphone consumption was sluggish due to the impact of lockdown measures, but it was expected to gradually ease the slump in Korea's semiconductor economy as it recovered in a staggered manner after the reopening (resumption of economic activities).

Demand for servers in the U.S. has shrunk as major Big Tech companies have reduced their data center investment spending due to deteriorating earnings and economic uncertainty, but it is expected to grow modestly in the future, led by high-performance servers, along with digital transformation and the expansion of AI (artificial intelligence) services.

Lee Gyu-hwan, head of the trend analysis team at the Research Bureau, said, "As the volatility of Korea's semiconductor economy is greater than that of other countries, it is necessary to reduce the amplitude by strengthening non-memory competitiveness and diversifying demand sources."