The first quarter of 2023 saw a 23% decline in China's chip imports as the US and India increased domestic semiconductor production. According to data from the General Administration of Customs, China imported 108.2 billion integrated circuits (IC) between January and March this year, a decrease of 22.9% from the same time previous year, according to the South China Morning Post. The total value of chip imports decreased by 26.7% to $78.5 billion from $107.1 billion the
previous year. "In comparison to a 4.6% decline a year earlier, China's IC exports decreased 13.5% year over year to 60.9 billion units in the first three months of 2023. According to the report, which used customs statistics, "the exports' overall value fell 17.6%."
This notable decline illustrates how geopolitical unrest and tightened US sanctions against China have impeded trade in semiconductors between China and the rest of the globe. The Chips and Science Act, which US President Joe Biden signed into law last year, allows the US to provide $53 billion in incentives to draw more chip production.
The Indian government has approved investments of Rs 76,000 crore ($10 billion) in the semiconductor and display manufacturing industries. The Gujarat government and Vedanta and Foxconn inked a Memorandum of Understanding (MoU) last year to invest Rs 1,54,000 crore in the construction of India's first semiconductor and display manufacturing facility. In line with the India-US Commercial Dialogue, an agreement was signed last month between India and the US to establish a semiconductor supply chain and innovation cooperation.
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