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Korea’s ICT exports hit new record in September 2021-10-13
The Ministry of Trade, Industry and Energy announced on October 13 that outbound shipments of Korea’s information and communications technology (ICT) goods recorded the highest monthly value since the Ministry started compiling data in 1996, rising 21.1 percent to USD 21.3 billion in September.
Imports increased 18.8 percent to $11.4 billion, and the trade balance stood at a surplus of $10.0 billion.
Exports of all major ICT products posted double-digit growth, boosted by signs of global economic recovery and digital transformation.
Chip exports expanded 27.4 percent to $12.2 billion, recording the second highest monthly value in history. Both memory chips (up 28.6 percent to $8.0 billion) and system chips (up 31.7 percent to $3.7 billion) showed robust demand, with system chips setting a record high export value.
The value of display products shipped overseas gained 15.7 percent to $2.4 billion and posted growth for 13 consecutive months. In particular, organic light-emitting diodes (OLEDs) climbed up 33.1 percent to $1.6 billion due to increased demand in the television and premium smartphone markets.
That of mobile phones advanced 19.6 percent to $1.2 billion thanks to the release of premium smartphones and increased demand for high value-added parts. The growth is attributable to both finished products (up 0.9 percent to $330 million) and parts (up 28.5 percent to $880 million).
Computers and peripheral devices jumped 49.1 percent to $1.9 billion. Peripheral devices such as solid-state drives (SSDs) contributed to the expansion, growing 57.9 percent to $1.7 billion. Exports of computers also hit a record high monthly value.
Korea’s ICT goods shipped to all major export destinations increased.
Those to China increased for 13 straight months and recorded a 24.0 percent growth to $10.1 billion thanks to strong shipments of semiconductors, displays and mobile phones.
Those to Vietnam totaled 3.6 billion, up 15.3 percent from the same period last year. Chips and displays showed robust demand.
Exports to the United States (U.S.) amounted to $2.6 billion (up 27.2 percent). The increase was attributable to chips and secondary batteries.
Those to the European Union (EU) rose 11.2 percent to $1.1 billion because of strong semiconductor and mobile phone sales.
ICT goods shipped to Japan moved up 10.7 percent to $371 million due to semiconductors and secondary batteries.
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