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Korea's ICT exports up 3.3 pct on strong demand for chips, computers

According to Yonhap News,

SEJONG, Aug. 13 (Yonhap) -- South Korea's outbound shipments of information and communication technology (ICT) products advanced 3.3 percent in July, data showed Thursday, as exports of memory chips rebounded, with demand for computers also advancing amid the new coronavirus pandemic.

Exports of ICT products reached US$14.9 billion last month, according to the data compiled by the Ministry of Science and ICT.

The figure had plunged 15.3 percent on-year in April, which was followed by a 2.7 percent decline in May.

Imports moved up 1.2 percent to $9.8 billion in July, resulting in a trade surplus of $5.13 billion in ICT trade.

By segment, exports of chips, a key item for Asia's fourth-largest economy, moved up 5.2 percent on-year to reach $7.96 billion, rebounding from a 0.5 percent drop in the previous month.

Outbound shipments of computers and related accessories jumped nearly 70 percent over the period to reach $1.55 billion, as more people worked from home due to the virus pandemic.

Overseas sales of mobile devices climbed 9.5 percent to $950 million on the back of the release of new premium smartphones, the data showed. Exports of displays, on the other hand, slipped 21.1 percent to $1.55 billion.

By destination, China accounted for the largest slice of the exports with $6.97 billion in July, down 1 percent on-year.

Shipments to the United States, however, shot up 38.5 percent to $1.81 billion over the period. Exports to Vietnam gained 3.3 percent on-year to reach $2.49 billion.

South Korea's overall exports have been losing ground since early this year, as the COVID-19 pandemic has suspended global travel and business activities. In July, the country's exports extended their slump to a fifth consecutive month.

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Source: Yonhap News (Aug 13, 2020)

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