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ICT exports rise by double digits for 15th straight month in Feb.

According to Yonhap News,

(SEOUL=Yonhap News) South Korean exports of information and communication technology (ICT) products posted double-digit growth for the 15th month in a row in February on the back of brisk overseas sales of semiconductors, government data showed Thursday.

A total of US$15.7 billion worth of ICT products were shipped overseas last month, up 12 percent from a year earlier, according to the Ministry of Science and ICT.

The latest overseas shipment numbers also marked a monthly record high for February, the ministry said.

The ministry said strong demand for South Korean memory chips and computers pushed up growth and offset sluggish exports of mobile phones and display panels.

Exports of semiconductors made by Asia's fourth-largest economy soared 56.1 percent on-year to $6.54 billion in February. The strong figures were mainly fueled by stabilization in the market price of NAND flash memory chips, it said.

Overseas shipments of computers and related equipment rose 29.2 percent on-year last month on the back of steady demand for solid state drives (SSD), the latest findings showed. SSD shipments soared 65.2 percent on-year in the cited month.

The ministry said exports of displays, meanwhile, fell 20 percent on-year in the one-month period due to weaker prices for organic light-emitting diode (OLED) panels and increased global competition for LCD panels.

Combined overseas sales of mobile handsets and parts also decreased 32.9 percent to $1 billion last month from a year earlier, the latest numbers showed, mainly on the back of more local tech companies producing products in overseas factories.

By region, shipments to China, Vietnam, the United States and the European Union soared on-year by 14.1 percent, 34.1 percent, 6.4 percent and 6.1 percent, respectively, the data showed.

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Source: Yonhap News (Mar. 15, 2018)

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