SEOUL: South Korea’s exports of information and communication technology (ICT) products soared more than 30% for the second consecutive month in May on robust global demand, according to data.
Outbound shipments of ICT products came to US$19bil last month, up 31.8% from US$14.45bil a year earlier, logging the seventh straight month of increase, according to data compiled by the Science and ICT Ministry.The country’s ICT imports increased 2.4% on-year to US$11.48bil, resulting in a trade surplus of US$7.57bil in the sector.
By item, chip exports surged 52.4% on-year to US$11.39bil last month on higher global chip demand stemming from the growth of the artificial intelligence market and the recovery of the information technology device market.
It was the seventh straight month the chip export tally posted a double-digit increase.
In detail, exports of memory chips shot up 101% on-year to US$6.86bil as the average price of eight-gigabit dynamic random access memory continued to increase to hit US$2.1 in May, thanks to the brisk demand for high-value products like high-bandwidth memory chips.
Overseas sales of displays climbed 15.3% to US$1.85bil, posting a double-digit increase for the fourth straight month, on higher demand for televisions and personal computers.
Exports of mobile phones gained 10.8% on-year to US$1.02bil, and outbound shipments of computers and peripherals advanced 42.5% to US$1.18bil, but exports of communications equipment dropped 10.7% to US$180mil.
Combined shipments to China and Hong Kong jumped 35.3% on-year to US$8.13bil last month, logging a gain for the seventh consecutive month, mainly thanks to an increase in chip and display exports.
Exports to Vietnam rose 30.6% to US$3.07bil, growing for the 10th straight month, on higher demand for semiconductors and displays.
Exports to the United States expanded 20.7% to US$2.14bil, with stronger demand for chips for servers and data centres, as well as computers, and exports to the European Union grew 21.3% to US$1.09bil on chips and computers. — The Korea Herald/ANN
