S. Korea’s ICT exports maintain strong momentum in Nov. ’24

By Nada Ali On Dec 15, 2024

South Korea’s ICT industry maintained strong export performance in November 2024, surpassing $20 billion for the fourth consecutive month. Total exports reached a record high of $212.4 billion, marking a 26.1 per cent year-on-year increase.

Semiconductor exports grew by 30.3 per cent year-on-year, driven by strong demand for high-bandwidth memory (HBM) used in AI servers. System semiconductors also saw growth, albeit at a slower pace.

However, the export performance of other ICT products was mixed. Displays and mobile phones witnessed declines due to weak demand and other factors. Telecommunications equipment exports also contracted slightly.

Despite the slowdown in the overall export growth rate, South Korea’s ICT industry remains a significant contributor to the country’s economy, and its strong performance in semiconductors continues to be a bright spot.

Attribution: WAM

Subediting: M. S. Salama

high-bandwidth memory (HBM)ICT industry Information and Communication Technology (ICT)semiconductor exports South Korea's economy South Korea's ICT