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Korea’s ICT exports advance for 14 straight months, up 30.2% to $19.5 billion in July 2021-08-12

The Ministry of Trade, Industry and Energy announced on August 12 that exports of Korea’s information and communications technology (ICT) goods increased 30.2 percent to USD 19.5 billion in July, posting growth for 14 consecutive months and hitting the record high export value for the month of July in history.

Imports gained 14.9 percent to $11.3 billion, and the trade balance stood at a surplus of $8.2 billion.

Exports of all major ICT goods recorded growth.

Chip exports jumped 38.8 percent to $11.1 billion, surpassing the $10.0 billion mark for three months in a row. The growth is attributable to continued increases in both demand and prices. Memory chips expanded 43.8 percent to $7.1 billion, and system chips advanced 35.8 percent to $3.3 billion, recording the highest monthly export value in history.

Exports of display products climbed up 34.9 percent to $2.1 billion. Organic light-emitting diodes (OLEDs) spiked 89.6 percent to $1.2 billion thanks to robust demand for mobile devices and televisions.

Those of mobile phones inched up 1.2 percent to $961 million and turned to positive growth. This is partly attributable to the release of premium foldable smartphones, for example, the Galaxy Z Flip 3, in the second half of the year. Finished products and parts both showed growth, up 0.6 percent to $390 million and up 1.6 percent to $570 million, respectively.

The value of computers and peripherals shipped overseas totaled $1.5 billion, up 28.3 percent. Both computers (up 4.5 percent to $210 million) and peripheral devices (up 33.0 percent to $1.3 billion) moved up.

Shipments of ICT goods to all major destinations went up.

Exports to China showed a 30.7 percent growth to $9.1 billion thanks to increases in semiconductors, displays, and mobile phones. This is the 11th consecutive month of expansion.

Those to Vietnam went up 17.9 percent to 2.9 billion because of increases in chips and displays.

Shipments to the United States (U.S.) recorded $2.7 billion, up 47.3 percent from the same period last year. The growth was attributable to stronger sales of chips and secondary batteries.

Those to the European Union (EU) rose 12.8 percent to $970 million billion on the back of chips and secondary batteries.

ICT exports to Japan moved up 19.2 percent to $359 million due to robust demand for semiconductors and secondary batteries.

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