Korea’s ICT exports increase for 1st time in 16 months in February

13-Mar-2020 Intellasia | KoreaHerald | 6:02 AM Print This Post

South Korean exports of information and communication technology (ICT) goods grew for the first time in 16 months in February on brisk shipments of chips and smartphones, government data showed Wednesday.

Outbound shipments of ICT products expanded 8.5 percent on-year to $13.74 billion last month, according to the data from the Ministry of Science and ICT.

February marks the first month since November 2018 that the country’s ICT exports have increased from a year earlier.

Asia’s fourth-largest economy imported $7.71 billion worth of ICT products in February, resulting in a trade surplus of $6.04 billion in the sector.

The ministry said the country posted an ICT trade surplus in February thanks to resilient exports of semiconductors and smartphones. Overseas shipments of chips rose 9.3 percent on-year, with those of smartphones expanding 4.7 percent.

South Korea is home to Samsung Electronics Co., the world’s top memory chip and smartphone maker. Another chip giant, SK hynix Inc., is also based in the country.

Shipments of displays shrank 14.9 percent on-year in February due to falling exports of LCD panels, although those of OLED panels inched up.

China was the largest destination for South Korean ICT exports with $6.19 billion, followed by Vietnam with $2.33 billion, the United States with $1.71 billion and the European Union with $870 million.

In February, South Korea’s overall exports also climbed 4.5 percent on-year to $41.2 billion on the improving chip sector and extended working days, snapping their 14-month losing streak.

http://www.koreaherald.com/view.php?ud=20200311000556

 


Category: Korea

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