S. Korea’s ICT exports up for 8th straight month in June

South Korea’s information and communication technology (ICT) sector remains strong, with exports growing for the eighth straight month in June, fuelled by high demand for semiconductors.

In June, outbound shipments of ICT products surged by 31.1 per cent to reach $21.05 billion, up from $16.06 billion last year. The growth was supported by a 5.1 per cent decrease in ICT imports, which totalled $10.87 billion.

As a result, the sector achieved a trade surplus of $10.18 billion in June, according to data released by the Ministry of Science and ICT.

South Korea’s ICT exports in the first half of 2024 reached $108.9 billion, marking a 28.2 per cent growth compared to the previous year.

While, ICT imports slightly decreased by 0.7 per cent to $67.78 billion, leading to a trade surplus of $41.07 billion.

Chip exports soared by a record-breaking 49.4 per cent year-on-year to $13.44 billion last month. The surge was fuelled by the growth of artificial intelligence and IT device markets.

Display exports rose by 22.6 per cent to $1.95 billion, marking the fifth straight month of double-digit growth. This uptick is driven by increased demand for organic light-emitting diode (OLED) and liquid crystal display (LCD) panels.

Exports of mobile phones and computers increased, with mobile phone exports rising by eight per cent to $840 million and computer and peripheral exports jumping by 48.9 per cent to $1.29 billion. However, exports of communications equipment fell by 8.6 per cent to $200 million.

Attribution: WAM