Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 14 that Korea's exports and imports of information and communications technology (ICT) goods for February recorded USD 16.5 billion (up 29.1 percent year-on-year) and $10.3 billion (down 6.7 percent), respectively. The trade balance stood at a surplus of approximately $6.3 billion.

 

February ICT exports showed a definite rebound, recording double-digit growth for the second consecutive month on the backs of increased exports of major items like semiconductors, which posted double-digit growth for the fourth consecutive month.

 

Exports of semiconductors (up 62.9 percent to $10.0 billion) were boosted by increased demand from the AI market expansion, resulting in increased exports of both memory (up 108.1 percent to $6.1 billion) and system chips (up 27.2 percent to $3.4 billion).

 

Displays (up 18.7 percent to $1.6 billion) advanced in exports as demand for TVs, mobile phones and other IT devices recovered growth, raising exports of OLEDs and LCDs.

 

Exports of mobile phones (down 21.3 percent to $0.8 billion) shrank despite robust demand for finished products owing to new model releases, as overseas companies’ demand for parts (down 36.9 percent to $0.5 billion) dropped.

 

Increased demand for solid-state drives (SSDs) led the entire computers and peripherals (up 14.0 percent to $0.8 billion) exports, achieving growth for the second consecutive month.

 

Communications equipment (down 6.7 percent to $0.2 billion) showed growth to some markets like Vietnam, but exports to China and India fell, reducing overall exports.

 

By destination, ICT exports to China (including Hong Kong) rose (up 43.8 percent to $7.4 billion) for the fourth consecutive month, thanks to advances of major items like semiconductors and displays.

 

Exports to Vietnam (up 24.3 percent to $2.6 billion) grew for the seventh consecutive month on the backs of semiconductors and displays and other major items.

 

To the U.S. (up 13.5 percent to $1.9 billion), ICT exports expanded for the fourth consecutive month as semiconductors, computers and peripherals and other major items met increased demand.

 

Exports to the EU (down 0.5 percent to $0.9 billion) fell despite the steep climb of semiconductors (up 33.8 percent to $0.2 billion) and mobile phones (up 102.1 percent to $0.1 billion), as those of secondary batteries plunged (down 54.7 percent to $0.1 billion).

 

To Japan (down 4.3 percent to $0.3 billion), exports of secondary batteries and computers and peripherals increased, but the contraction of semiconductor exports shrank overall ICT exports.