- Registration date2025-01-14
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The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on January 14 that exports of Korea’s information and communications technology (ICT) goods for 2024 logged an all-time high of USD 235.0 billion, surpassing the previous record set in 2022 ($233.2 billion). Annual ICT imports reached $143.2 billion and the trade balance stood at a surplus of $91.8 billion.
ICT exports have maintained an upward trajectory for 14 consecutive months, entering the $20 billion thresholds for five straight months since August 2024.
Semiconductor exports led overall ICT exports with a historic high of $142.0 billion, boosted by strong demand for artificial intelligence (AI) related goods. The double-digit growth of finished mobile phones and parts exports as well as the sharp growth of computers/peripherals’ solid-state drive (SSD) exports further contributed to last year’s ICT exports performance.
By region, ICT exports to China (including Hong Kong) advanced 25.3 percent year-on-year to $97.9 billion in 2024, as robust demand for semiconductors, displays, and mobile phones spurred a powerful rebound from the previous year.
To Vietnam (up 14.4 percent to $36.8 billion), semiconductors and mobile phones backed the rebound from the previous year, pushing overall ICT exports over the $30 billion thresholds for the fourth consecutive year.
U.S.-bound ICT exports centered on semiconductors and computers/peripherals on the backs of demand for servers and datacenters, achieving fresh annual highs of $29.6 billion (up 31.9 percent).
To the EU (up 11.4 percent to $12.2 billion), continued growth of mobile phones and computers/peripherals turned Korea’s ICT exports to an expansion.
ICT exports to Japan (down 9.7 percent to $3.8 billion) fell despite the growth of displays and computers/peripherals, as exports of semiconductors and mobile phones shrank.
Korea’s export and import of ICT goods for December 2024 recorded $22.7 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $9.3 billion. ICT exports for the month of December ranks highest among monthly exports in 2024, entering the $20 billion thresholds for the fifth consecutive month since August.