Fast technology May 1, the news, South Korea's chip exports are still plummeting, the corresponding memory chip manufacturers into production cuts to cope with no one to buy the situation.

South Korea's exports fell 14.2 percent in April from a year earlier to $49.6 billion, the seventh straight month of declines due to continued weak demand for chips amid a slowing global economy, according to data released Monday by the Ministry of Trade, Industry and Energy.

Exports of semiconductors, South Korea's main export, fell 41 percent in April from a year earlier due to falling demand and prices.

The slump in chip exports is hurting manufacturers such as Samsung and SK Hynix because of falling demand for memory chips, combined with a strong price war for domestic storage.

At present, the price shown on domestic platforms is that domestic manufacturers of 2TB SSD can basically do less than 1,000 yuan, which is nearly 100 yuan cheaper than Samsung and Hynix, etc. Some domestic manufacturers can even do 489 yuan for 2TB, which is quite exaggerated.

This is an important step for the industry after oversupply sent prices tumbling. Operating profit plunged 95% to 600bn won ($450m) in the three months to March, below analysts' average estimate of 1.4tn won. Sales dropped to 63 trillion won.

Samsung said it would cut memory chip production to "meaningful levels," a move rivals have been waiting for after heavy inventories hurt pricing and profits. The world's largest maker of memory chips has resisted cutting production in recent months, in part to take market share from rivals.