Korea's ICT exports rise for 7th month in May

By a2016032

Published : Jun 14, 2017 - 11:22 Updated : Jun 14, 2017 - 11:25

South Korean exports of information and communication technology products increased for the seventh month in a row in May on brisk overseas sales of semiconductors and displays, government data showed Wednesday.

A total of $15.4 billion in Korean-made ICT products were shipped overseas last month, up 17.4 percent from a year earlier, according to the data compiled by the Ministry of Science, ICT and Future Planning.

(Yonhap)

May's overseas shipments of ICT products posted a double-digit on-year increase for the sixth straight month and marked record-high monthly growth for May, the ministry said.

ICT imports also increased 13.4 percent on-year to $7.99 billion last month, with the country logging a trade surplus of $7.42 billion in the sector, the latest data showed.

The ministry said rising overseas demand for South Korean computer chips, display panels and computers contributed to the surge, offsetting the weak exports of mobile phones. Exports of semiconductors made by Asia's fourth-largest economy soared 56 percent on-year to $7.6 billion in May mainly on the back of the rising market price of NAND flash chips, the ministry said.

The ministry said exports of displays increased 7.6 percent on-year in May to post a seven-month long winning streak, helped by rising demand for organic light-emitting diode TVs.

Overseas shipments of computer and computer equipment also jumped 21.5 percent on-year last month to post double-digit growth for the second consecutive month on the back of gains in South Korean-made solid state drives in the global market, the ministry said.

Combined overseas sales of mobile handsets and parts, however, tumbled 43.4 percent to $3.5 billion last month from a year earlier, on the back of increased competition in the global market, the ministry said.

By region, shipments to China, Vietnam and the EU increased 15.7 percent, 79.9 percent and 6.5 percent on-year in May, respectively, the data showed. Meanwhile, those to the Unites States sank 17.9 percent last month from a year earlier. (Yonhap)