South Korean exports of information and communications technology products increased for the second consecutive month in July, latest data showed Thursday.
According to the Ministry of Trade, Industry and Energy, Korea’s value of ICT exports in July increased by 3.3 percent on-year to reach $14.99 billion. Imports during the same period also grew by 1.2 percent at $9.86 billion, resulting in a trade surplus of $5.13 billion.
The nation’s exports of ICT products in July expanded due to increased demand for chips, computers and smartphones, the ministry explained.
Korea’s shipments of chips increased by 5.2 percent at $7.96 billion in June. Exports of memory chips edged up 5 percent at $4.97 billion, backed by strong demand for DRAM. Outbound shipments of non-memory chips also jumped 8.1 percent at $2.46 billion.
Exports of computer products soared by 69.4 percent at $1.21 billion, while that of solid-state drives increased by 123.5 percent. Smartphone exports also advanced by 9.5 percent to $0.95 billion.
Outbound shipments of displays, however, plunged by 21.1 percent at $1.55 billion as local vendors reduced their LED panel production, while shifting to OLED panel production.
By destination, exports of ICT products to China dipped by 1 percent on-year at $6.97 billion. Exports of chips increased by 1 percent at $4.78 billion, while smartphones edged up by 13.7 percent at $0.19 billion. The nation’s exports of displays to China decreased by 27.3 percent at $0.77 billion.
Exports of ICT products to Japan also shrank by 8.2 percent at $0.3 billion, largely contributable to weak demands for chips and displays.
Exports to the US, however, expanded by 38.5 percent at $1.81 billion, backed by strong demand for chips and computer products. Exports of chips soared by 66.8 percent at $0.57 billion, and those of computer products jumped by 119.7 percent at $0.39 billion.
Exports to the EU and Vietnam increased by 12.4 percet and 3.3 percent to reach at $0.94 billion and $2.49 billion, respectively.
By Shim Woo-hyun(firstname.lastname@example.org)