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Chips, displays boost S. Korea's ICT exports in Oct.

According to Yonhap News,

SEOUL, Nov. 16 (Yonhap) -- South Korea's outbound shipments of information and communication technology (ICT) products rose 6 percent in October from a year earlier due to global demand for the country's semiconductors and displays, data showed Monday.

Exports of ICT products stood at US$16.4 billion last month, according to data from the Ministry of Science and ICT, marking an on-year rise since June this year.

ICT imports stood at $10.2 billion in October, up 9.2 percent over the cited period, leading to a trade surplus of $6.2 billion in ICT trade.

The latest data indicates a recovery in ICT exports -- a major part of South Korea's total outbound shipments -- in the second half of the year. ICT products had been hit hard by the pandemic earlier this year, marking on-year declines in April and May.

By category, exports of semiconductors rose 10.1 percent from the previous year to reach $8.8 billion, according to ministry data.

Outbound shipments of memory chips, including DRAM, stood at $5.4 billion in October, up 9 percent from the previous year, while logic chips reached $2.8 billion, rising 15 percent over the same period.

Display exports rose 10.6 percent to reach $2.1 billion due to increased demand for organic light emitting diode (OLED) panels and parts from new smartphone releases, the ministry said.

By country, exports to the United States rose 8.8 percent to $1.9 billion, while outbound shipments to China, South Korea's largest trade destination, rose 0.7 percent to $7.4 billion.

Exports to Vietnam jumped 28.2 percent to $2.9 billion, with display shipments to the country rising 46 percent to $1.2 billion.

Source Text

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Source: Yonhap News (Nov 16, 2020)

** This article was translated from Korean.
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