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ICT industry exports $14.3 billion worth of goods in May 2019-06-21

The Ministry of Trade, Industry and Energy announced on June 21 that Korean information and communications technology (ICT) exports in May decreased 22.6 percent year-on-year to USD 14.3 billion, declining for seven straight months.
Imports, on the other hand, grew 10.8 percent to $9.7 billion, and the trade balance in this sector was a surplus of $4.6 billion.

Decreases were experienced in exports of semiconductors, displays, mobile phones, and computers and peripheral devices.

Outbound shipments of semiconductors fell 30.0 percent to $7.7 billion as a result of falling prices and demand. Memory chips dropped 35.8 percent to $5.3 billion while system chips decreased 13.1 percent to $1.8 billion.

Those of displays dropped 21.5 percent to $1.6 billion. While shipments of organic light-emitting diodes (OLEDs) increased by 3.7 percent to $620 million, those of liquid crystal displays (LCDs) slowed down by 40.4 percent to $700 million. Exports of parts, on the other hand, improved 2.6 percent to $310 million.

Mobile phones shipped overseas saw a decline of 33.9 percent to $927 million as shipments of finished products decreased 41.3 percent to $400 million and those of parts fell 26.7 percent to $520 million. This is attributable to sluggish growth of the global smartphone market.

Exports of computers and peripheral devices contracted 25.3 percent to $704 million. Exports of computers jumped 78.8 percent to $171 million, but those of peripheral devices went down 37.1 percent to $533 million with solid state drives (SSDs) shrinking 42.9 percent to $360 million.

Regionally, exports to Vietnam and Japan improved while those to China, the U.S., and the EU diminished.

Shipment to Vietnam inched up 1.6 percent to $1.9 billion thanks to greater exports of mobile phones and displays.

Those to Japan also gained 3.5 percent to $374 million due to improved sales of displays and computers and peripheral devices.

Exports to China decreased 31.5 percent to $7.1 billion, following weaker demand for semiconductors, displays, and computers and peripheral devices.

Shipments to the U.S. went down 15.5 percent to $1.5 billion. Semiconductor exports posted growth, but mobile phones and computers and peripheral devices were in less demand.

Those to the EU declined 16.0 percent to $852 million as decreases were seen in exports of secondary batteries, semiconductors, and displays.

For imports, inbound shipments of semiconductors and mobile phones increased while those of displays and computer and peripheral devices decreased.

Imports of semiconductors gained 34.1 percent to $4.6 billion. While those of system semiconductors experienced a decrease of 12.6 percent to $1.6 billion, those of memory chips advanced 134.9 percent to $2.3 billion.

Those of mobile phones moved up 7.3 percent to $755 million on the back of stronger sales of finished products (up 29.6 percent to $250 million).

Inbound shipments of displays fell 47.0 percent to $360 million as declines were observed in those of LCDs (down 64.6 percent to $150 million), OLEDs (down 14.9 percent to $110 million), and parts (down 17.2 percent to $100 million).

Imports of computers and peripheral devices also went down 24.1 percent to $852 million. Those of computers were lowered by 2.8 percent to $487 million while those of peripheral devices were reduced by 41.2 percent to $366 million.

By import destinations, shipments from China expanded, but those from Japan, Vietnam, and the U.S. dropped.

Imports from China went up 3.5 percent to $3.8 billion, led by semiconductors and mobile phones.

Those from Japan dropped 3.4 percent to $777 million. This is mostly attributable to decreased inbound shipments of displays and electric equipment.

Shipments from Vietnam went down 7.5 percent to $678 million largely because of falling imports of displays.

Those from the U.S. fell 9.4 percent to $716 million primarily due to semiconductors.

*Short version