- Exports of Korean ICT goods in April record $12.9 billion 2020-05-14
The Ministry of Trade, Industry and Energy announced on May 14 that Korean information and communications technology (ICT) goods in April recorded USD 12.9 billion, down 15.3 percent compared to a year earlier.
Imports fell 6.4 percent to $8.9 billion, and the trade balance stood at a surplus of $4.0 billion.
Exports experienced a year-on-year decline due to a slowdown in the key export items – semiconductors, displays, and mobile phones.
By item, shipments of semiconductors, displays, and mobile phones saw decreases while those of computers and peripherals experienced increases.
Exports of semiconductors decreased 15.1 percent to $7.3 billion as a result of falling global demand for memory chips and system semiconductors.
The value of display exports fell 28.1 percent to $1.2 billion. Organic light-emitting diode (OLED) panels slowed down in demand and liquid-crystal display (LCD) panels contracted due to a change in production processes.
The value of mobile phones shipped overseas dropped 37.2 percent to $650 million. Both finished products and phone parts fell in sales because of retail store lockdowns and the sluggish global demand.
Shipments of computers and peripheral devices jumped 85.2 percent to $1.1 billion. Solid-state drives (SSDs) spiked 254.5 percent to $830 million, leading to a huge surge in the peripherals (up 120.3 percent to $930 million).
By region, Korean ICT exports to China and Vietnam decreased while those to the U.S., the EU, and Japan increased.
Shipments to China dropped 16.5 percent to $6.6 billion. Computers and peripherals increased, but semiconductors and displays saw declines.
Shipments to Vietnam went down 34.6 percent to $1.4 billion as semiconductors, displays, and mobile phones decreased.
Meanwhile, exports to the U.S. grew 9.3 percent to $1.7 billion thanks to the increase in semiconductor and computer sales.
Korean ICT goods shipped to the EU saw a growth of 1.0 percent to $870 million. While exports of semiconductors and mobile phones expanded, those of secondary batteries contracted.
Those to Japan also rose 3.9 percent to $320 million on the back of computers and peripheral devices and secondary batteries.
For imports, semiconductors and displays shrank while computers and peripheral devices and mobile phones advanced.
The value of semiconductors shipped to Korea lost 13.2 percent to $3.7 billion. Imports of system chips increased, but those of memory chips decreased.
Imports of displays slowed down 13.9 percent to $350 million due to fewer LCD, OLED panels and display parts delivered.
Meanwhile, inbound shipments of computers and peripheral devices advanced 20.3 percent to $1.2 billion. Both computers and peripheral devices were in greater demand.
Imports of mobile phones reached $760 million, experiencing a growth of 6.0 percent. Inbound shipments of finished products led the growth in sales.
By import origin, shipments from China, Japan, Vietnam, and the U.S. all contracted.