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Exports of Korean ICT goods drop 21.8% to $14.5 billion in July 2019-08-21

The Ministry of Trade, Industry and Energy announced on August 21 that July exports of Korean information and communications technology (ICT) goods fell 21.8 percent year-on-year to USD 14.5 billion.
Inbound shipments, on the other hand, moved up 6.9 percent to $9.7 billion, and trade balance in this sector stood at a surplus of $4.8 billion.

By item, semiconductor exports dropped 27.7 percent to $7.6 billion, following lower demand for chips used in servers and mobile phones. Lower prices compared to last year also contributed to the decline.

Display exports saw a decrease of 21.8 percent to $2.0 billion as a result of falling prices of liquid crystal display (LCD) panels and stagnating demand for organic light-emitting diode (OLED) panels.

Outbound shipments of mobile phones contracted 34.8 percent to $878 million. Exports of both finished products and parts decreased because the global smartphone market slowed down and overseas production expanded.

Those of computers and peripheral devices shrank 22.4 percent to $715 million. While computers jumped 68.1 percent to $172 million, solid state drives (SSDs) went down 36.3 percent to $370 million.

By destination, exports to Vietnam expanded, but those to China, the U.S., the EU, and Japan contracted.

ICT goods shipped to Vietnam saw growth of 7.1 percent to $2.4 billion, expanding for four consecutive months. Increases were experienced in exports of semiconductors (up 27.4 percent to $930 million) and mobile phones (up 20.5 percent to $260 million).

Exports to China totaled $7.0 billion, down 30.7 percent. Decreases were seen in shipments of semiconductors (down 34.8 percent to $4.7 billion), displays (down 15.3 percent to $1.1 billion), and computers and peripheral devices (down 22.9 percent to $310 million).

Shipments to the U.S. decreased 23.4 percent to $1.3 billion because of diminished sales of semiconductors (down 30.8 percent to $340 million), mobile phones (down 46.8 percent to $270 million), and computers and peripheral devices (down 14.3 percent to $180 million).

ICT exports bound for the EU fell 11.7 percent to $838 million. Sales of secondary batteries saw improvement of 5.3 percent to $210 million, but those of semiconductors decreased 24.4 percent to $130 million. Exports of mobile phones also declined 41.0 percent to $50 million.

Exports to Japan dropped 14.3 percent to $330 million. Shipments of displays leaped 114.5 percent to $30 million, but those of semiconductors contracted 21.4 percent to $110 million. Exports of computers and peripheral devices also declined 62.5 percent to $20 million.

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

Semiconductor imports grew 15.5 percent to $4.5 billion. Inbound shipments of system chips increased 5.4 percent to $2.0 billion, and those of memory chips rose 33.8 percent to $1.8 billion.

Display imports contracted 41.1 percent to $365 million as the value of LCD panels delivered to Korea decreased 69.9 percent to $120 million. Imports of OLED panels and other parts, however, expanded 35.1 percent to $110 million and 2.6 percent to $130 million, respectively.

Imports of mobile phones inched down 0.9 percent to $785 million mostly because of finished products whose imports amounted to $210 million, down 38.1 percent.

Inbound shipments of computers and peripheral devices fell 15.9 percent to $880 million with computers increasing 2.8 percent to $520 million and peripheral devices decreasing 33.4 percent to $360 million.

By import origin, shipments from Vietnam and the U.S. increased while those from China and Japan decreased.

Imports from Vietnam gained 9.3 percent to $778 million mostly because of mobile phones (up 8.1 percent to $440 million).

The value of ICT goods shipped from the U.S. grew 8.6 percent to $728 million. Chip imports went up 8.4 percent to $330 million, and display imports jumped 35.2 percent to $50 million.

Imports from China shrank 10.4 percent to $3.4 billion because of lower demand for semiconductors (down 23.2 percent to $1.1 billion) and displays (down 67 percent to $100 million).

Shipments from Japan dropped 4.6 percent to $882 million, led by mobile phones (down 8.6 percent to $20 million).

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