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Korea’s ICT exports in July advance 3.3% to $15.0 billion 2020-08-13

The Ministry of Trade, Industry and Energy announced on August 13 that Korean information and communications technology (ICT) industry’s export growth in July posted a year-on-year growth of 3.3 percent to USD 15.0 billion.

Imports inched up 1.2 percent to $9.9 billion, and the trade balance stood at a surplus of $5.1 billion.

By item, shipments of semiconductors, mobile phones, computers and peripherals saw growth while those of displays saw a decline.

Outbound shipments of semiconductors went up 5.2 percent to $8.0 billion. Strong demand for chips used in servers and mobile phones led to advancement in both memory and system semiconductors.

Computers and peripheral devices expanded 69.4 percent to $1.2 billion. In particular, solid-state drives (SSDs) and other secondary storage devices spiked 123.5 percent to $842 million, leading to ten straight months of growth.

The value of mobile phones shipped overseas gained 9.5 percent to $952 million. Due to the newly launched premium smartphones, finished products (up 20.7 percent to $380 million) and mobile phone parts (up 3.0 percent to $570 million) both saw increases.

Meanwhile, display exports fell 21.1 percent to $1.6 billion. Organic light-emitting diode (OLED) panel demand slowed down, and liquid-crystal display (LCD) panel production contracted.

By region, Korean ICT exports to Vietnam, the U.S., and the EU increased while those to China and Japan decreased.

Korean ICT goods shipped to Vietnam gained 3.3 percent to $2.5 billion thanks to semiconductors and mobile phones.

Those to the U.S. jumped 38.5 percent to $1.8 billion on semiconductors and computers and peripherals. This is the seventh consecutive month of increase.

Shipments to the EU rose 12.4 percent to $943 million due to a growth in semiconductors, mobile phones, computers and peripheral devices.

On the other hand, shipments to China slipped 1.0 percent to $7.0 billion. Displays went down, but semiconductors, mobile phones, and computers and peripheral devices went up.

Those to Japan also went down 8.2 percent to $303 million due to a slowdown in semiconductor and display sales.

 

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