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Exports of Korean ICT goods grow 21.7% to $16.3 billion in January 2021-02-10

The Ministry of Trade, Industry and Energy announced on February 10 that Korean exports of information and communications technology (ICT) goods in January expanded 21.7 percent to USD 16.3 billion, the second highest export value for the month of January.

Imports of ICT products grew 21.7 percent to $10.7 billion, and the trade balance stood at a surplus of $5.6 billion.

Exports of all major items experienced year-on-year increases.

Chip exports climbed up 20.5 percent to $8.8 billion and increased for the 7th consecutive month. Both memory chips (up 24.9 percent to $5.3 billion) and system chips (up 16.0 percent to $2.9 billion) advanced thanks to the continued upward trend in the semiconductor demand.

The value of displays shipped overseas jumped 32.1 percent to $2.1 billion. Liquid-crystal display (LCD) panels and organic light-emitting diode (OLED) panels gained 10.5 percent to $530 million and 52.1 percent to $1.2 billion, respectively.

Exports of mobile phones leaped 76.3 percent to $1.2 billion. Both finished products (up 87.4 percent to $380 million) and parts (up 71.5 percent to $820 million) grew on the back of new smartphone launches.

Those of computers and peripheral devices went up 2.6 percent to $993 million. Auxiliary memory devices (up 1.9 percent to $705 million) such as solid-state drives (SSDs) contributed to the growth. Computers and peripherals expanded for 16 straight months.

By region, ICT exports to all major regions increased.

ICT exports to China amounted to $7.4 billion, up 23.7 percent from the same period last year. Robust demand for semiconductors, displays, and mobile phones led to the expansion.

Those to Vietnam rose 18.9 percent to $2.9 billion. This is on account of strong display and mobile phone sales.

ICT exports shipped to the United States (U.S.) experienced a 23.9 percent growth to $1.9 billion thanks to semiconductors and mobile phones.

Korean ICT products shipped to the European Union (EU) totaled $902 million, up 10.0 percent. Semiconductors, mobile phones, and computers and peripherals all went up.

Those shipped to Japan went up 4.2 percent to $338 million and turned to positive growth for the first time in nine months. Exports for mobile phones and chips contributed to the increase.


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