South Korea's ICT Exports Achieve 2nd Highest February Value

Key Takeaways

ICT exports hit US$16.71 billion.
Imports rose by 5.6 percent.
Trade surplus stands at $5.81 billion.
Mobile phone exports surged 33.3 percent.
Project with ASEAN aims for digital innovation.

Seoul, March 16 (NationPress) The exports of information and communication technology (ICT) products from South Korea reached their second-highest value ever recorded for February last month, even amidst declining chip sales, as indicated by government data released on Sunday.

The total outbound shipments of ICT products amounted to US$16.71 billion, reflecting a 1.2 percent increase compared to the same month last year, according to data from the Ministry of Science and ICT.

Meanwhile, the country's ICT imports rose by 5.6 percent year-on-year to reach $10.9 billion, leading to a trade surplus of $5.81 billion, as reported by Yonhap news agency.

By product category, exports of semiconductors and display panels saw declines of 3 percent and 5.1 percent, respectively.

Conversely, global sales of South Korean mobile phones surged by 33.3 percent year-on-year, while exports of computers and communications equipment escalated by 26.9 percent and 74.1 percent, respectively.

Looking at specific markets, shipments to the United States increased by 11.5 percent from the previous year, and exports to Vietnam climbed by 15.6 percent. Notably, exports to Thailand and India soared by 124.3 percent and 54.9 percent, respectively.

However, exports to China experienced a decline of 19.6 percent, primarily due to a significant drop in semiconductor exports following U.S. restrictions on high bandwidth memory chip exports to China.

Shipments to the European Union decreased by 7.6 percent, and those to Japan fell by 5.7 percent year-on-year in February, the data revealed.

In a related development, the science ministry announced a new five-year collaborative project with the Association of Southeast Asian Nations (ASEAN), valued at $30 million, aimed at promoting digital innovation across the ASEAN region.

The Ministry of Science and ICT will outline further details of this project during the upcoming two-day ASEAN Digital Ministers Meeting.

This initiative is designed to implement South Korea's advanced digital technologies in ASEAN countries, facilitating their digital transformation and promoting economic growth.