China chip imports suffer steepest decline on record after US restrictions

China’s chip imports suffered their steepest drop on record last year, hamstrung by prolonged economic uncertainties and US export controls.

The value of integrated circuits imported by the world’s largest semiconductor market fell 15.4% to $349.4 billion, the sharpest fall since Chinese customs data became available in 2004 and falling for the second straight year. Shipment volume also declined by 10.8%.

The sharp downturn underscores persistent weakness in the global chip industry, which has been struggling to emerge from a deep trough.