S. Korea's ICT exports surge 24% in Feb. on robust chip demand

South Korea's exports of information and communication technology (ICT) products soared 24 percent in February on the back of 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 the data from the Ministry of Science and ICT.

The figure represents the largest ever for any February and the 11th consecutive month of on-year gains since April last year.

ICT imports stood at $11.39 billion last month, up 23.9 percent from the previous year, resulting in a trade surplus of $7.49 billion in the sector.

Chips and displays bolstered the country's ICT exports last month.

Semiconductor shipments surged 24 percent on-year to $10.46 billion, exceeding the $10 billion mark for the 10th consecutive month. Memory chip exports jumped 21.4 percent from the previous year to $6.34 billion.

Display exports surged 39.3 percent on-year to $2.25 billion, helped by strong demand for OLED displays.

Outbound shipments of mobile phones, however, shrank 4.9 percent to $980 million, while exports of computers and peripheral devices spiked 47.8 percent to $1.58 billion.

By destination, shipments to China, South Korea's largest trading partner, and Hong Kong jumped 20.7 percent on-year to $8.47 billion.

Exports to Vietnam were $3.09 billion, followed by the United States at $2.08 billion and the European Union at $1.22 billion, the data showed.

In February, South Korea's overall exports jumped 20.6 percent to $53.91 billion from a year earlier, as overseas shipments of chips, autos and other key products increased amid a global economic recovery. (Yonhap)