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In the quarterly report, Samsung's sales were KRW 5.5652 trillion (roughly $4.161 billion) in Q1 2023 in China. This was just about 8.73% of its total sales of KRW 6.37 trillion (approx. $4.76 billion), registering the lowest quarterly numbers ever. The share of sales generated by Samsung's Chinese subsidiaries has declined every year.
In 2019, sales reached 18.06% and fell below 8% this year, following 16.29% in 2021 and 11.78% in 2022. Samsung's overall sales, including its Chinese HQs and subsidiaries, plummeted by 46.7% to KRW 7.91 trillion (roughly $5.91 billion) from KRW 14.96 trillion (approx. $11.10 billion) the previous year.
This sharp decline is contributed by various factors along with global uncertainties, including the major US-China conflict. The Chinese public's unfavorable opinion of Korean companies, including Samsung, also contributed to the decline in Samsung's China sales. The Chinese economy also froze after the massive COVID-19 outbreak. Also, US's favorable policies have attracted the likes of Samsung and SK Hynix, and Samsung's gradual withdrawal from China could be a reality.
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