South Korea’s ICT exports jumped 24% in February on strong demand for chips
South Korea’s exports of information and communication technology (ICT) products soared 24 percent in February on strong global demand for chips and displays, data showed Monday.
Outbound shipments of ICT products reached $18.88 billion last month, up 23.7 percent from a year earlier, according to data from the Ministry of Science and ICT.
The figure marks the largest on record in February and the 11th consecutive month of year-on-year gains since April last year.
ICT imports stood at $11.39 billion last month, up 23.9 percent from a year earlier, resulting in a trade surplus of $7.49 billion in the sector.
Chips and displays supported the country’s ICT exports last month.
Semiconductor shipments jumped 24% year-on-year to $10.46 billion, topping the $10 billion mark for the 10th consecutive month. Memory chip exports jumped 21.4 percent from a year earlier to $6.34 billion.
Display exports jumped 39.3% year-on-year to $2.25 billion, helped by strong demand for OLED displays.
Outbound shipments of mobile phones, however, fell 4.9% to $980 million, while exports of computers and peripherals soared 47.8% to $1.58 billion.
By destination, shipments to China, South Korea’s biggest trading partner, and Hong Kong jumped 20.7% year-on-year to $8.47 billion.
Exports to Vietnam amounted to $3.09 billion, followed by the United States at $2.08 billion and the European Union at $1.22 billion, according to the data.
In February, South Korea’s overall exports jumped 20.6% to $53.91 billion from a year earlier, as overseas shipments of chips, autos and other key products grew amid the global economic recovery. (Yonhap)