Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s export and import of information and communication technology (ICT) goods for the month of August 2024 reached USD 20.6 billion and $11.6 billion, respectively, and the trade balance stood at an estimated surplus of $9.0 billion.

ICT exports (up 28.5 percent year-on-year) logged double-digit growth for the eighth consecutive month on the backs of robust growth of semiconductors (up 37.6 percent), mobile phones (up 60.1 percent), and computers and peripherals (up 144.2 percent).

By item, semiconductors posted double-digit growth for the 10th consecutive month as memory chips (up 71.7 percent to $7.3 billion) and system chips (up 2.7 percent to $4.1 billion) simultaneously advanced.

Mobile phone exports surged over 60 percent as finished products (up 95.0 percent to $0.3 billion) and parts (up 53.0 percent to $1.3 billion) enjoyed strong demand.

Computers and peripherals skyrocketed as solid-state drives (SSDs) hit a monthly export value of $1.3 billion (up 249.8 percent).

By region, exports increased for most destinations, including China (including Hong Kong) (up 27.0 percent), Vietnam (up 7.5 percent), the U.S. (up 57.6 percent), and the EU (up 44.3 percent), whereas exports to Japan declined (down 17.2 percent).