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Korea’s ICT exports post growth of 33.2% to $20.3 billion 2021-09-14

The Ministry of Trade, Industry and Energy announced on September 14 that exports of Korea’s information and communications technology (ICT) goods increased 33.2 percent to USD 20.3 billion in August, rising for 15 consecutive months and hitting the record high export value for the month of August and the second highest monthly export value in history.

 

Imports recorded year-on-year growth of 23.7 percent to $11.4 billion, and the trade balance stood at a surplus of $8.9 billion.

 

Shipments of all major ICT products expanded.

 

Those of semiconductors jumped 42.2 percent to $11.8 billion, surpassing the $10.0 billion mark for four straight months. Both memory chips and system chips showed significant increases, up 51.2 percent to $7.7 billion and up 31.2 percent to $3.6 billion, respectively.

 

Display exports gained 22.4 percent to $2.2 billion. Organic light-emitting diodes (OLEDs) climbed up 47.3 percent to $1.4 billion, leading to 12 consecutive months of growth.

 

Mobile phones spiked 67.7 percent to $1.2 billion thanks to the release of premium smartphones in the second half of the year. Finished products (up 99.3 percent to $390 million) and parts (up 55.4 percent to $790 million) both increased.

 

Computers and peripheral devices shipped overseas totaled $1.7 billion, up 26.7 percent. Both computers (up 5.2 percent to $180 million) and peripheral devices (up 29.8 percent to $1.5 billion) contributed to the expansion.

 

The value of ICT goods shipped to all major export destinations showed growth.

 

Those to China recorded $9.7 billion, up 36.3 percent from the same period last year. Semiconductors, displays and mobile phones all increased.

 

Outbound shipments to Vietnam advanced 18.2 percent to 3.3 billion on the back of strong chips and displays.

 

Those to the United States (U.S.) jumped 41.7 percent to $2.5 billion thanks to the increases in the demand for chips and secondary batteries. This is the 20th consecutive month of growth.

 

ICT goods shipped to the European Union (EU) rose 22.1 percent to $1.0 billion. The growth is attributable to robust demand for chips and mobile phones.

 

Those to Japan moved up 33.8 percent to $360 million. Shipments of semiconductors and secondary batteries were strong.

 

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