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S. Korea’s ICT Exports up 20.6% in May YoY Primarily on Chips

According to Pulse by Maeil Business News Korea,

South Korea’s exports of information and communications technology (ICT) products kept up double-digit growth for the 18th straight month in May led entirely by semiconductors.

According to data released by the Ministry of Science and ICT, the country’s outbound shipments of ICT products reached $18.57 billion in May, up 20.6 percent from a year ago. The monthly tally has kept up growth in double digits since December 2016.

The surplus in ICT trade hit $9.84 billion in May as imports totaled $8.73 billion.

Memory chips took up the bulk of $10.94 billion, up 43.5 percent on year. Exports of mobile phones reversed from a losing streak and gained 4.5 percent on year to $1.41 billion.

Shipments of computers and related equipment jumped 28.6 percent to $950 million last month on brisk sales of solid state drives (SSDs) reaching $490 million, up 12.5 percent from a year earlier.

By region, exports to China expanded 32.7 percent to hit the record high of $10.4 billion in May. Shipments to the U.S. and Europe also rose to $1.78 billion and $1.01 billion, up 32.2 percent and 28.4 percent, respectively. Exports to Vietnam fell by 13 percent to $1.91 billion due to a drop in sales of display panels and mobile phones.

By Won Ho-sup and Lee Ha-yeon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (June 18, 2018)

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