Invest KOREA

South Korea's exports of IT-related products jumped 16.3 percent in January from a year earlier on strong global demand for semiconductors, displays and mobile phones, the government said Tuesday.

The country shipped US$12.83 billion worth of IT products abroad, marking the 15th month in a row that exports grew at a double-digit rate, the Ministry of Knowledge Economy said in a monthly report.

Exports of semiconductors surged 23.9 percent on-year to $4.09 billion, with outbound shipments of display panels and mobile phones moving up 4 percent and 12 percent, respectively, in the cited month.

Overseas shipments of locally made display panels used in computers, TVs, mobile phones and various other consumer products hit $2.56 billion, with those of mobile phones reaching $2.38 billion thanks to a rise in overseas demand for smartphones.

Exports of smartphones, such as Samsung's Galaxy S, skyrocketed 407 percent to $870 million.

Imports of IT products rose 29.5 percent on-year to $6.98 billion in January, with the country's trade surplus in the sector hitting $5.85 billion.

Exports to the United States, the world's single largest consumer market, rose 16.6 percent from the year before to $1.41 billion last month, with those to Japan and China going up 53.2 percent and 8.3 percent, respectively. China, which includes Hong Kong, bought $5.67 billion worth of South Korean-made IT products, with numbers for Japan topping $790 million.

Shipments to the Association of Southeast Asian Nations gained 31.2 percent, with a 21.9 percent increase reported for Latin America.

However, exports to the European Union (EU) contracted 2.1 percent on-year due in part to a fiscal crisis occurring in some member countries.

Besides, semiconductors, display panels and mobile phones, exports of TV sets and consumer appliances such as high-end air conditioners and refrigerators, expanded compared to the year before, the report said.

Source: Yonhap News (Feb. 8, 2011)