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Ministry of Trade, industry and Energy PRESS CENTER Press Releases

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Korea’s ICT exports climb 28.2% in H1 2024
  • Registration date2024-07-15
  • Attached file

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 15 that Korea’s export of information and communications technology (ICT) goods for the first half (H1) of 2024 climbed 28.2 percent year-on-year to USD 108.9 billion, the second highest H1 record for ICT exports. Meanwhile, the import of ICT goods decreased 0.7 percent to $67.8 billion and the trade balance stood at a surplus of $41.1 billion.

 

Increased demand for semiconductors and the surge in their unit price were some of the drivers boosting the ICT industry, which posted double-digit growth for the past six consecutive months.

 

By item, exports of semiconductors (up 49.9 percent), displays (up 14.6 percent), and computers/peripherals (up 35.6 percent) advanced in H1, but those of mobile phones (down 2.8 percent) retreated.

 

By region, ICT exports to China (including Hong Kong) (up 37.3 percent), Vietnam (up 21.7 percent), the U.S. (up 19.2 percent), and EU (up 8.2 percent) expanded, while those to Japan (down 9.3 percent) shrank.

 

Despite the rising import of semiconductors and displays, the import of ICT goods in H1 2024 inched down year-on-year, partially owing to the reduced import of mobile phones.

 

For June, Korea’s export of ICT goods amounted to a record high of $21.1 billion for the month. Imports reached $10.9 billion, and the trade balance stood at a surplus of $10.2 billion.

 

By item, semiconductors (up 49.4 percent), displays (up 22.6 percent), mobile phones (up 8.0 percent), and computers/peripherals (up 48.9 percent) were among the majority of ICT goods that enjoyed growth. Thanks to unit price hikes and strong demand for downstream industries like servers and personal computers, semiconductor exports achieved new monthly highs ($13.4 billion) and led the overall ICT industry’s export growth rate over the 30 percent thresholds for three consecutive months.

 

By destination, ICT exports to China (including Hong Kong) (up 29.2 percent), Vietnam (up 36.8 percent), the U.S. (up 27.0 percent), and the EU (up 1.5 percent) increased, whereas those to Japan (down 8.6 percent) fell.

 

Korea’s monthly import of ICT goods for June dropped 5.1 percent year-on-year as the import of semiconductors and secondary batteries decreased.