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Korea’s August exports of ICT products rise for 3rd consecutive month, up 0.3% to $15.2 billion 2020-09-15

The Ministry of Trade, Industry and Energy announced on September 15 that Korean information and communications technology (ICT) exports posted a year-on-year growth of 0.3 percent to USD 15.2 billion.

Imports also rose 4.3 percent to $9.2 billion, and the trade balance stood at a surplus of $6.1 billion.

By item, outbound shipments of semiconductors, computers and peripherals went up, while those of displays and mobile phones went down.

Chip exports increased 2.6 percent to $8.3 billion. Memory chips contracted 2.3 percent to $5.1 billion due to weak demand for servers and PCs, but system semiconductors saw a growth of 16.0 percent to $2.7 billion due to active foundry production.

Computers and peripheral devices shipped overseas spiked 98.2 percent to $1.3 billion and recorded 11 straight months of growth. Auxiliary memory devices (up 165.9 percent to $1.0 billion), such as solid-state drives (SSDs), led the expansion.

Meanwhile, outbound shipments of displays fell 16.9 percent to $1.8 billion. The decline in display exports continued as organic light-emitting diode (OLED) panel demand slowed down, and liquid-crystal display (LCD) panel production decreased.

Those of mobile phones lost 33.0 percent to $705 million. Weak overall demand due to COVID-19 outbreak led to the decline in both finished products (down 39.8 percent to $200 million) and mobile phone parts (down 29.9 percent to $510 million).

By region, ICT exports to all major regions contracted except for those to the United States.

Korean ICT products shipped to the U.S. advanced for the 8th consecutive month, gaining 18.0 percent to $1.8 billion. The growth is mainly attributable to strong sales of semiconductors and computers and peripheral devices.

Those to China, however, slipped 3.3 percent to $7.1 billion because semiconductors, displays, and mobile phones showed weak demand.

Korean ICT exports to Vietnam edged down 2.0 percent to $2.8 billion. Those of displays fell, while those of semiconductors and mobile phones went up.

Shipments to the EU slipped 1.8 percent to $857 million due to a lost in semiconductor and display sales.

Those to Japan also decreased 16.6 percent to $271 million as semiconductors and displays contracted.


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