South Korea's ICT Exports Surge 24% in December Fueled by Strong Chip Demand
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Synopsis
South Korea's ICT exports saw a remarkable 24% increase in December, driven primarily by strong semiconductor sales. The total export value reached $22.66 billion, showcasing significant growth across various ICT sectors.
Key Takeaways
- 24% increase in ICT exports in December
- Outbound shipments totaled $22.66 billion
- Semiconductors drove growth with a 31.1% increase
- Trade surplus in the ICT sector reached $9.33 billion
- Exports to the United States rose 41.3%
Seoul, Jan 14 (NationPress) South Korea's exports of information and communication technology (ICT) products experienced a remarkable increase of 24 percent in December compared to the previous year, driven by robust sales of semiconductors, according to data released by the government on Tuesday.
The total value of outbound shipments of ICT products reached $22.66 billion last month, a significant rise from $18.25 billion in the same month last year, as noted by the Ministry of Science and ICT.
In December, the country’s ICT imports amounted to $13.32 billion, resulting in a trade surplus of $9.33 billion in this sector.
Specifically, semiconductor exports surged by 31.1 percent year-on-year to $14.51 billion, primarily due to high demand for artificial intelligence-related chips.
Additionally, exports of computers and communications equipment skyrocketed by 97.2 percent to $1.62 billion during this period, while shipments of mobile phones increased by 19.3 percent to $1.12 billion, as per the press release.
However, shipments of display panels dipped by 1.2 percent to $1.69 billion due to waning demand for TVs and personal computers.
On a geographical basis, total shipments to China and Hong Kong rose by 13.4 percent year-on-year to $8.91 billion, driven by increased sales of chips, displays, and mobile phones.
Exports to Vietnam and Japan also saw increases of 2.7 percent and 14.3 percent respectively, reaching $3.02 billion and $360 million.
Furthermore, shipments to the United States jumped by 41.3 percent year-on-year to $3.59 billion, while exports to the European Union fell by 3.9 percent to $910 million.
For the entire year of 2024, ICT exports surged by 25.9 percent year-on-year to $235 billion, while ICT imports grew by 4.9 percent to $143.2 billion, leading to a trade surplus of $91.8 billion, as reported by the ministry.
