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Korea’s ICT exports in June fall 22.4% to $14.8 billion 2019-07-22

The Ministry of Trade, Industry and Energy announced on July 22 that Korea’s exports of information and communications technology (ICT) goods in June decreased 22.4 percent year-on-year to USD 14.8 billion.
Imports inched down 0.9 percent to $8.6 billion, which made the country’s trade surplus in this sector $6.3 billion.

By item, exports of semiconductors dropped 25.3 percent to $8.4 billion as demand fell for semiconductors used in servers and mobile phones. Lower prices also contributed to the decline.

Outbound shipments of displays experienced a decrease of 26.6 percent to $1.6 billion due to heightened competition between liquid crystal display (LCD) panel makers and lower export volume of organic light-emitting diodes (OLEDs).

Mobile phones fell 22.6 percent to $990 million. A slowdown in the global smartphone market decreased exports of both finished products and parts.

Computers and peripheral devices contracted 41.8 percent to $690 million. Even though computer exports improved 31.4 percent to $153 million, shipments of solid state drives (SSDs) declined 56.3 percent to $370 million.

Regionally, exports to Vietnam increased, but those to China, the U.S., the EU, and Japan decreased.

ICT goods shipped to Vietnam moved up 7.7 percent to $2.0 billion on the back of greater sales of semiconductors (up 20.6 percent to $910 million) and mobile phones (up 2.1 percent to $210 million).

Exports to China fell 31.8 percent to $7.4 billion as a result of slower shipments of semiconductors (down 32.3 percent to $5.3 billion), displays (down 28.0 percent to $910 million), and computers and peripheral devices (down 45.9 percent to $280 million).

Shipments to the U.S. decreased 19.0 percent to $1.5 billion, following decreased sales of semiconductors (down 9.2 percent to $530 million), mobile phones (down 30.9 percent to $350 million), and computers and peripheral devices (down 44.0 percent to $180 million).

Those to the EU went down 12.0 percent to $913 million. While exports of secondary batteries increased 13.1 percent to $210 million, those of semiconductors and mobile phones decreased 24.4 percent to $180 million and 8.6 percent to $110 million, respectively. 

Exports to Japan decreased 11.0 percent to $341 million. Shipments of displays jumped 125.4 percent to $30 million, but those of semiconductors contracted 21.8 percent to $110 million. Exports of computers and peripheral devices also declined 25.2 percent to $20 million. 

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

Inbound shipments of semiconductors grew 10.0 percent to $3.9 billion. System chips decreased 14.6 percent to $1.6 billion, but memory chips increased 53.8 percent to $1.8 billion. 

Imports of mobile phones totaled edged $650 million, up 0.4 percent. This was led by finished products which grew 4.2 percent to $210 million. 

By import origin, shipments from China shrank 13.6 percent to $3.2 billion because of lower demand for semiconductors (down 17.9 percent to $1.1 billion) and displays (down 73.2 percent to $80 million). 

Imports from Japan dropped 16.5 percent to $768 million. The decrease in imports was led by displays (down 2.4 percent to $80 million) and electrical equipment (down 48.1 percent to $40 million). 

ICT goods shipped from Vietnam edged down 1.8 percent to $681 million as inbound shipments of displays fell 54.4 percent to $60 million. 

Imports from the U.S. declined 8.6 percent to $644 million with chip imports falling 10.4 percent to $270 million.

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