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Korea’s ICT export growth turns positive in June 2020-07-13

The Ministry of Trade, Industry and Energy announced on July 13 that Korean information and communications technology (ICT) industry’s export growth in June rebounded for the first time in three months and reached USD 15.0 billion, up 1.0 percent compared to a year earlier.

Imports grew 4.8 percent to $9.0 billion, and the trade balance stood at a surplus of $6.0 billion.

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

Outbound shipments of computers and peripheral devices escalated 84.5 percent to $1.3 billion. In particular, solid-state drives (SSDs) jumped 160.4 percent, leading to strong exports of peripheral devices (up 103.2 percent to $1.1 billion) for nine straight months.

Meanwhile, those of semiconductors edged down 0.5 percent to $8.4 billion. Despite higher demand (up 6.8 percent to $2.1 billion) for semiconductor foundries and fabless manufacturing, memory chips used for servers and PCs slipped 2.0 percent to $5.8 billion.

Display exports dipped 5.2 percent to $1.5 billion. Organic light-emitting diode (OLED) panel demand went up, but liquid-crystal display (LCD) panel demand continued to fall.

The value of mobile phones shipped overseas fell 10.6 percent to $885 million. While finished products went down 24.4 percent to $370 million, mobile phone parts expanded 2.8 percent to $520 million).

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

Korean ICT goods shipped to Vietnam gained 5.7 percent to $2.1 billion thanks to mobile phones and displays.

Those to the U.S. went up 26.0 percent to $1.9 billion on semiconductors and computers and peripherals. This is the six consecutive month of increase.

On the other hand, shipments to China slipped 1.6 percent to $7.3 billion. Semiconductors and displays saw decreases.

Those to the EU dropped 2.7 percent to $887 million as semiconductors decreased in exports.

Those to Japan also went down 3.2 percent to $324 million due to a slowdown in semiconductor and display sales.

For imports, semiconductors and mobile phones contracted while computers and peripheral devices and displays advanced.

The value of computers and peripheral devices jumped 44.4 percent to $1.1 billion and imports of displays rose 17.3 percent to $354 million.

Meanwhile, imports of semiconductors slowed down 2.4 percent to $3.8 billion and those of mobile phones fell 5.8 percent to $613 million.

By import origin, shipments from Taiwan and Vietnam improved, 15.4 percent to $1.0 billion and 5.7 percent to $741 million, respectively.

Inbound shipments from the following regions contracted: China (down 20.6 percent to $3.0 billion), the U.S. (down 2.0 percent to $668 million), Japan (down 1.5 percent to $763 million), and the EU (down 2.3 percent to $541 million).

 

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