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Korea’s ICT exports increase 15.8% to $16.6 billion 2020-12-15

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 16.6 billion, up 15.8 percent compared to the same period last year. This is the 6th consecutive month of year-on-year growth.

Imports of ICT products reached $10.4 billion, resulting in a trade surplus of $6.2 billion.

Outbound shipments of all products expanded.

Shipments of semiconductors moved up 16.1 percent to $8.7 billion. Both memory chips (up 7.3 percent to $5.2 billion) and system semiconductors (up 39.2 percent to $3.0 billion) experienced growth.

Those of displays advanced 27.7 percent to $2.2 billion. Liquid-crystal display (LCD) panel prices increased and organic light-emitting diode (OLED) panels and parts went up due to a stronger mobile demand.

Exports of mobile phones totaled $1.3 billion, up 24.9 percent. Increases were seen in both finished products (up 20.9 percent to $420 million) and mobile parts (up 26.9 percent to $860 million). Mobile exports turned to positive growth for the first time in four months.

Computers and peripheral devices shipped overseas moved up 4.7 percent to $1.0 billion. This was on account of auxiliary memory devices (up 7.3 percent to $690 million), such as solid-state drives (SSDs).

By region, ICT exports to all major regions increased except for those to Japan.

ICT exports to China moved up 8.1 percent to $7.7 billion on the back of strong demand for semiconductors and mobile phones.

Those to Vietnam jumped 35.2 percent to $2.8 billion. Displays and semiconductors were primarily attributable for the increase.

ICT exports shipped to the United States (U.S.) showed a 19.4 percent growth to $1.9 billion. This is on account of strong semiconductor and mobile sales.

Korean ICT products shipped to the EU increased 24.9 percent to $1.1 billion thanks to chips, mobile phones, and computers and peripherals.

On the other hand, exports to Japan contracted 13.8 percent to $328 million as semiconductors and displays reflected a slowdown in demand.

 

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