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S. Korea's ICT exports hit record high in Sept.

According to Yonhap News,

(SEOUL=Yonhap News) Exports of information and communication technology (ICT) products increased for the eighth month in a row to hit an all-time high in September on brisk overseas sales of semiconductors and displays, government data showed Monday.

A total of US$19.2 billion worth of ICT products were shipped overseas, up 32.6 percent from a year earlier, according to the data compiled by the Ministry of Science and ICT.

The monthly overseas shipments of ICT products surpassed the previous high of $17.48 billion record tallied in August, the ministry said.

ICT imports also jumped 23.8 percent on-year to $9.7 billion last month, with the country logging a trade surplus of $10.19 billion in the sector, the latest data showed.

The ministry said rising overseas demand for South Korean computer chips, display panels and computers remained strong, offsetting weak exports of mobile phones.

Exports of semiconductors made by Asia's fourth-largest economy soared 73.3 percent on-year to an unprecedented $9.88 billion last month, mainly on the back of the increasing market price of NAND flash memories and rising demand, the ministry said.

The ministry said exports of displays increased 8.3 percent on-year in September to advance for 11 months in a row, helped by rising demand for organic light-emitting diode (OLED) TVs and LCD parts.

Overseas shipments of computers and computer equipment also increased 21.4 percent on-year last month on the back of record-high shipments of solid state drives (SSD), the ministry said. The overseas shipments of SSDs in September skyrocketed 42.7 percent on-year.

Combined overseas sales of mobile handsets and parts, however, decreased 16.1 percent to $1.83 billion last month from a year earlier, the data showed.

By region, shipments to China, Vietnam, the United States and the European Union increased 27.8 percent, 89 percent, 31.7 percent and 16.5 percent, respectively, on-year in the cited month, the data showed.

By Kim Han-joo

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Source: Yonhap News (Oct. 16, 2017)
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