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Chips boost ICT exports to new high in Aug.

According to Yonhap News,

(SEOUL=Yonhap News) South Korea's exports of information and communication technology (ICT) products reached a record high last month, data showed Tuesday, on the back of continued robust global demand for chips and displays.

Outbound shipments of ICT products stood at US$20.27 billion last month, up 33.2 percent from a year earlier, according to the data from the Ministry of Science and ICT.

The figure is a new high after hitting $20.17 billion in 2018 and tops the $20 billion mark for the first time since October 2018.

Imports last month reached $11.38 billion, up 23.7 percent from a year earlier, resulting in a trade surplus of $8.89 billion.

South Korea's ICT exports were buoyed by strong demand for semiconductors, with chip shipments jumping 42.2 percent on-year to $11.79 billion.

The ministry said continued demand for mobile devices and computers led exports of memory chips to increase 51.2 percent to $7.67 billion over the cited period, while logic chip shipments grew 31.2 percent to a record high of $3.56 billion.

Display exports rose 22.4 percent to $2.21 billion thanks to increased demand for organic light-emitting diodes (OLED) used in smartphones. OLED exports increased 47.3 percent on-year to $1.4 billion.

By destination, shipments to China, South Korea's largest trading partner, rose 36.3 percent on-year to $9.67 billion thanks to demand across the board, extending gains for the 12th straight month.

Exports to Vietnam increased 18.2 percent to $3.26 billion, while those to the United States gained 41.7 percent to $2.46 billion.

South Korea's outbound shipments in August grew 35 percent on-year to $53.2 billion, underpinning recovery momentum in Asia's fourth-largest economy.

Source Text

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Source: Yonhap News (September 14, 2021)

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