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- Investment News
South Korea's exports of information technology (IT) products grew about 12
percent on-year in November, driven by brisk sales of mobile phones and
semiconductors, the government said Wednesday.
Exports of IT products in November grew 12.2 percent from the same period last year to US$14.52 billion, according to the Ministry of Knowledge Economy.
Imports increased 2.2 percent on-year to $6.66 billion with the country's monthly trade surplus hitting a record high of $7.86 billion in the IT sector.
The ministry attributed the surge in exports to a large increase in outbound shipments of mobile phones and semiconductors.
Shipments of mobile phones jumped 23.5 percent on-year to $2.32 billion, while those of semiconductors grew 12.9 percent to $4.6 billion.
By country, exports to China rose 21.8 percent to $7.55 billion. Shipments to the Association of Southeast Asian Nations and the European Union came to $1.64 billion and $1.31 billion, up 19.9 percent and 18.1 percent from the same month a year earlier, the ministry said.
Exports to Japan also grew 13.7 percent on-year to $880 million, but those to the United States fell 12.9 percent to $1.31 billion, according to the ministry.
The ministry said the country's IT exports will likely continue to grow during the remainder of the year as demand will remain brisk thanks to energy subsidy policy in China, recovering demand for television sets in the U.S. and strong sales of semiconductors and display panels.