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ICT exports rise for 4th straight month in Feb.

According to Yonhap News,

South Korea's exports of information and communication technology (ICT) products increased for the fourth consecutive month in February, driven by solid demand for semiconductors, displays and computers, data showed Thursday.

Outbound shipments of ICT products came to US$16.5 billion last month, up 29.1 percent from $12.8 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

The country's ICT imports decreased 6.7 percent on-year to $10.3 billion in February, resulting in a trade surplus of $6.25 billion in the sector.

By item, chip exports shot up 62.9 percent on-year to $9.96 billion last month as the growth of the artificial intelligence market boosted the global chip demand.

It was the fourth straight month the chip export tally posted a double-digit increase.

In detail, exports of memory chips soared 108.1 percent on-year to $6.08 billion, and exports of system chips climbed 27.2 percent to $3.42 billion.

Overseas sales of displays rose 18.7 percent to $1.55 billion, continuing their winning streak for the seventh consecutive month, thanks to increased demand for organic light-emitting diode and liquid-crystal display panels for televisions and mobile phones.

Exports of computers also gained 14 percent to $750 million, marking a second consecutive month of increase, driven by higher demand for solid state drives.

But outbound shipments of mobile phones and communications equipment retreated 21.3 percent and 6.7 percent to $810 million and $200 million, respectively.

By nation, combined shipments to China and Hong Kong jumped 43.8 percent on-year to $7.37 billion, logging a gain for the fourth consecutive month, mainly thanks to an increase in display exports.

Exports to Vietnam advanced 24.3 percent to $2.62 billion on higher demand for semiconductors and displays, and exports to the United States increased 13.5 percent to $1.87 billion with stronger demand for semiconductors and computers.

But exports to the European Union and Japan fell 0.5 percent and 4.3 percent to $920 million and $300 million, respectively.

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Source: Yonhap News (March 14, 2024)

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