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Korean ICT industry sees sales growth for 5 straight months 2020-11-16

The Ministry of Trade, Industry and Energy announced on November 16 that Korea exported USD 16.4 billion worth of information and communications technology (ICT) goods in October. This is a 6.0 percent rise from a year earlier and the fifth consecutive month of increase.

ICT imports totaled $10.2 billion, resulting in a trade surplus of $6.2 billion.

By item, outbound shipments of semiconductors, displays, computers and peripherals expanded, while those of mobile phones contracted.

Shipments of semiconductors went up 10.1 percent to $8.8 billion. Both memory chips (up 9.0 percent to $5.4 billion) and system semiconductors (up 15.0 percent to $2.8 billion) experienced growth.

Those of displays improved 10.6 percent to $2.1 billion. Thanks to the launching of new smartphones, organic light-emitting diode (OLED) panels went up, but liquid-crystal display (LCD) panels slightly went down.

Computers and peripheral devices shipped overseas moved up 5.9 percent to $1.0 billion. This was on account of auxiliary memory devices (up 11.3 percent to $680 million), such as solid-state drives (SSDs).

Meanwhile, mobile phone exports dropped 11.3 percent to $1.2 billion. Decreases were seen in both finished products (down 16.0 percent to $370 million) and mobile parts (down 9.0 percent to $810 million) as demand contracted due to a resurgence in COVID-19 cases.

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

ICT exports to China inched up 0.7 percent to $7.4 billion thanks to semiconductors and mobile phones.

Those to Vietnam advanced 28.2 percent to $2.9 billion. Displays and semiconductors were the primary reasons for the rise.

ICT exports shipped to the United States (U.S.) gained 8.8 percent to $1.8 billion. This is on account of strong semiconductor and computer sales.

Korean ICT products shipped to the EU increased 6.5 percent to $1.0 billion. Shipments of chips, mobile phones, and computers and peripherals all saw growth.

On the other hand, exports to Japan fell 9.9 percent to $307 million as semiconductors and displays reflected a slowdown in demand.


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