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ICT Exports Rise by Double Digits for 20th Straight Month in July

According to Yonhap News,

(SEOUL=Yonhap News) South Korean exports of information and communication technology (ICT) products posted double-digit growth for the 20th month in a row in July on the back of brisk overseas sales of semiconductors, displays and smartphones, government data showed Thursday.

A total of US$18.56 billion worth of ICT products were shipped overseas last month, up 18.2 percent from a year earlier, according to the Ministry of Science and ICT.

Exports of semiconductors made by Asia's fourth-largest economy soared 30.2 percent on-year to $10.47 billion on the back of continued growth in demand.

The ministry said exports of displays increased 2.6 percent on-year in the one-month period due to increased demand for organic light-emitting diode (OLED) panels amid heated global competition for LCD panels.

Overseas shipments of computers and related equipment increased 10 percent on-year last month on the back of steady demand for solid state drives (SSD), government data showed.

Combined overseas sales of mobile handsets and parts were also up 6.8 percent to $1.35 billion last month from a year earlier to continue a three-month rally fueled by the launch of newer smartphones, the latest numbers showed.

By region, shipments to China soared 26.1 percent on-year to surpass the $10 billion mark for three months in a row, the latest findings showed.

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Source: Yonhap News (August 16, 2018)

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