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Output in ICT sector hits record high in 2018

According to Yonhap News,

(SEOUL=Yonhap News) South Korea's output in the information and communication technology (ICT) industry rose 5.4 percent in 2018 from a year earlier to reach an all-time high, data showed Sunday.

The record-high output of 497.3 trillion won (US$418.6 billion) comes on the back of strong overseas demand for semiconductors, computers and peripheral devices, according to the data compiled by the Ministry of Science and ICT.

The annual numbers represent the consecutive second year that production increased, following two consecutive years of negative growth.

By sector, equipment for information, communication and broadcasting reached a little over 365.5 trillion won, or 73.5 percent of all ICT products made in the country, with numbers for related services and software hitting 76.2 trillion won and 55.5 trillion won, respectively.

Services and software, respectively, made up 15.3 percent and 11.2 percent of all output in the sector for the whole year.

The findings, however, showed flat displays backtracking 5.4 percent to 65.9 trillion won amid stiffer competition from foreign rivals and lower prices for liquid crystal displays.

Production of mobile phones also declined 1.9 percent to 32.1 trillion won, as the global market for such devices grew at a far slower pace.

In the software field, which includes games, output rose 2.8 percent to 55.5 trillion won thanks to more companies turning to so-called package software and increasing their dependence on smart factories, and adopting new logistics solutions.

Measured in value terms, ICTs accounted for 12 percent of the country's total industrial production, which stood at 4,144 trillion won last year, the data showed.

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Source: Yonhap News (May 26, 2019)

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