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S. Korea's ICT exports rise for 8th month in June

According to Yonhap News,

(SEOUL=Yonhap News) South Korean exports of information and communication technology (ICT) products increased for the eighth consecutive month in June on brisk overseas sales of semiconductors and displays, government data showed Wednesday.

A total of US$15.9 billion worth of Korean-made ICT products were shipped overseas last month, up 18 percent from a year earlier, according to the data compiled by the Ministry of Science, ICT and Future Planning.

June's overseas shipments of ICT products marked a monthly record high for June to breach the $15 billion mark for the first time, the ministry said.

ICT imports also jumped 21.7 percent on-year to $8.88 billion last month, with the country logging a trade surplus of $7.03 billion in the sector, the latest data showed.

The ministry said rising overseas demand for South Korean computer chips, display panels and computers contributed to the surge, offsetting the weak exports of mobile phones.

Exports of semiconductors made by Asia's fourth-largest economy soared 56 percent on-year to $8.1 billion in June mainly on the back of the rising market price of NAND flash chips, the ministry said. It marks the first time for the monthly export of semiconductors to exceed the $8 billion mark.

The ministry said exports of displays increased 9.2 percent on-year in June to post an eighth-month winning streak, helped by rising demand for organic light-emitting diode (OLED) TVs.

Overseas shipments of computers and computer equipment also increased 2.9 percent on-year last month on the back of gains in South Korean-made solid state drives (SSD) in the global market, the ministry said.

Combined overseas sales of mobile handsets and parts, however, tumbled 42.2 percent to $1.26 billion last month from a year earlier, due to increased competition in the global market, the ministry said.

By region, shipments to China, Vietnam and the European Union increased 16.6 percent, 75.9 percent and 8.4 percent on-year in June, respectively, the data showed. Meanwhile, those to the United States decreased 6.7 percent last month from a year earlier.

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Source: Yonhap News (Jul. 12, 2017)
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