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ICT exports reach record high in November 2021-12-14

The Ministry of Trade, Industry and Energy announced on December 14 that shipments of Korea’s information and communications technology (ICT) products reached an all-time high value of USD 21.5 billion, up 30.0 percent from the same period last year.

Exports posted double-digit growth for eight straight months.

Imports went up 23.1 percent to $12.8 billion, and the trade balance stood at a surplus of $8.7 billion.

Exports of all four ICT product types expanded.

Those of semiconductors amounted to $12.1 billion, up 39.5 percent. The export value for chips surpassed $10.0 billion for seven months in a row. Memory chips jumped 47.3 percent to $7.6 billion due to continued demand for mobile phones and servers. System chips climbed up 31.1 percent to $3.9 billion, and cumulative exports of system chips from January to November this year set a new record of $35.9 billion.

Display exports gained 11.3 percent to $2.4 billion, increasing for the 15th consecutive month. In particular, organic light-emitting diodes (OLEDs) saw robust demand and increased 14.0 percent to $1.5 billion.

Shipments of mobile phones totaled 1.5 billion, up 17.0 percent compared to the same period last year. Increased sales of premium smartphones and high value-added parts led to improvements in both finished products (up 6.8 percent to $430 million) and parts (up 21.8 percent to $1.0 billion).

Those of computers and peripheral devices spiked 70.8 percent to $1.8 billion. Peripheral devices (up 85.1 percent to $1.6 billion) saw robust growth in demand, and auxiliary memory devices (up 102.5 percent to $1.4 billion) increased significantly.

ICT exports to all major regions increased.

Outbound shipments to China advanced 30.4 percent to $10.1 billion. Semiconductors, displays, and mobile phones all recorded growth.

Those to Vietnam rose 24.7 percent to $3.5 billion due to strong semiconductor and display sales.

ICT goods shipped to the United States (U.S.) saw a 34.7 percent increase to $2.5 billion on the back of semiconductors, computers and peripheral devices, and secondary batteries.

Those to the European Union (EU) totaled $1.3 billion, up 26.3 percent. The growth is attributable to robust sales of computers and peripheral devices, semiconductors, and mobile phones.

The value of ICT goods shipped to Japan moved up 16.0 percent to $381 million due to semiconductors and secondary batteries.

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