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Korea's ICT exports rebound on solid demand for computers

According to Yonhap News,

SEOUL, July 13 (Yonhap) -- South Korean exports of information and communication technology (ICT) products rebounded in June, data showed Monday, as robust shipments of computers cushioned weak demand for displays and mobile devices.

Outbound shipments of ICT products moved up 1 percent on-year to US$14.9 billion last month, according to the data compiled by the Ministry of Science and ICT. It marked a sharp improvement from 15.3-percent on-year drop posted in April, which was followed by a 2.7-percent decline in May.

The country imported $8.96 billion worth of ICT products in June, resulting in a trade surplus of $5.9 billion.

South Korea's overall exports have been losing ground over recent months as the new coronavirus pandemic has strained global supply chains.

Exports of computers and related accessories, however, managed to gather ground on-year in June due to the rising number of people working from home.

Outbound shipments of the segment advanced a whopping 84.5 percent on-year to hit $1.27 billion, the data showed.

In contrast, the country's shipments of chips, a mainstay export, edged down 0.5 percent to reach $8.36 billion.

Outbound shipments of memory chips have slightly lost ground, although the rising demand for system chips have limited the decline, according to the ministry.

Exports of displays moved down 5.2 percent to reach $1.5 billion due to the weaker demand for LCD products, and those of smartphones plunged 10.6 percent to reach $880 million.

By destination, exports to China slipped 1.6 percent to reach $7.28 billion. Those to the United States, however, have increased on-year for six consecutive months by rising 26 percent to hit $1.94 billion.

Exports to Vietnam increased 5.7 percent on-year in June, helped by smartphones and displays.

South Korea's overall exports fell 10.9 percent in June, marking the fourth consecutive month of decline amid the fallout from the new coronavirus pandemic, although the pace slowed as major economies around the globe slowly began to resume business activities.

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Source: Yonhap News (Jul 13 , 2020)

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