- Korean ICT exports amount to $15.5 billion in October 2019-11-22
The Ministry of Trade, Industry and Energy announced on November 21 that Korea exported USD 15.5 billion worth of information and communications technology (ICT) goods in October. ICT imports totaled $9.4 billion, resulting in a trade surplus of $6.1 billion.
ICT exports fell 23.3 percent from a year earlier due to decreasing shipments of semiconductors, displays, and mobile phones.
By item, semiconductor exports dropped 32.1 percent year-on-year to $8.0 billion. System chips increased 6.7 percent to a record high of $2.5 billion, but memory chips declined 43.2 percent to $5.0 billion, weighed down by falling prices.
Display shipments slid 27.0 percent to $1.9 billion. Demand for organic light-emitting diode (OLED) panels was stagnant, and prices of liquid-crystal display (LCD) panels continued to slow down.
Exports of mobile phones decreased 6.7 percent to $1.3 billion mostly due to declining shipments of finished products. Parts exports expanded as demand increased in overseas production plants.
Shipments of computers and peripheral devices gained 7.2 percent to $944 million as sales improved for both computers (up 15.4 percent to $157 million) and peripherals (up 5.6 percent to $787 million). Among peripherals, sales of solid state drives (SSDs) were particularly strong, jumping 16.7 percent to $610 million.
Regionally, exports to China decreased 29.4 percent to $7.4 billion, following declining shipments of semiconductors (down 34.9 percent to $4.9 billion), displays (down 25.7 percent to $920 million), and computers and peripherals (down 13.6 percent to $380 million).
Exports bound for Vietnam fell 11.7 percent to $2.3 billion. While mobile phones grew 26.0 percent to $290 million, semiconductors and displays fell 16.6 percent to $730 million and 19.9 percent to $840 million, respectively.
Exports to the U.S. went down 21.7 percent to $1.7 billion because of chips (down 35.9 percent to $580 million) and mobile phones (down 47.7 percent to $270 million). Shipments of computers and peripherals, on the other hand, leaped 88.4 percent to $300 million.
ICT goods shipped to the EU shrank 9.4 percent to $980 million as chip exports sank 18.1 percent to $160 million. Growth was seen in exports of secondary batteries (up 3.7 percent to $260 million) and mobile phones (up 146.3 percent to $110 million).
Shipments to Japan dropped 8.3 percent to $340 million with falling shipments of semiconductors (down 16.8 percent to $110 million), displays (down 25.6 percent to $10 million), and secondary batteries (down 11.1 percent to $20 million).
Overall ICT imports also fell 6.8 percent compared to a year earlier. All four item categories experienced decreases: chips (down 6.0 percent to $3.8 billion), displays (down 42.6 percent to $320 million), computers and peripherals (down 13.5 percent to $950 million), and mobile phones (down 3.4 percent to $1.3 billion).
By destination, imports from Vietnam advanced 18.6 percent to $910 million, but declines were seen in imports from China (down 22.2 percent to $3.4 billion), Japan (down 9.5 percent to $890 million), and the U.S. (down 11.4 percent to $700 million).