ICT exports up over 10% in Feb. on robust chip demand

South Korea's exports of information and communication technology (ICT) products jumped 11.5 percent on-year in February, rising for the ninth consecutive month on the back of strong overseas demand for chips and displays, data showed Monday.

Outbound shipments of ICT goods stood at $15.28 billion last month, the second-highest amount ever for February on record, according to the data compiled by the Ministry of Science and ICT.

The country reached a record $15.68 billion in ICT exports for the month in 2018.

Imports last month reached $9.19 billion, resulting in a trade surplus of $6.09 billion.

By segment, chip exports rose 12.5 percent on-year to reach $8.44 billion due to continued global memory and logic chip demand.

Outbound shipments of memory chips advanced 12.6 percent to $5.22 billion, while logic chips leaped 13.2 percent to $2.7 billion.

Display shipments soared 22.3 percent to reach $1.62 billion on the back of rising liquid-crystal display (LCD) prices and strong demand for organic light-emitting diodes (OLED) used in smartphones, according to the ICT ministry.

Exports of mobile phones and parts jumped 15.0 percent to $1.03 billion thanks to growing sales of premium smartphones.

Shipments of computers and related components fell 5.6 percent to 1.07 billion due to an 8.5 percent decline in exports of solid-state drives and related parts.

By destination, shipments to China, including Hong Kong, advanced 13.6 percent on-year to reach $7.02 billion, rising for the sixth consecutive month.

Exports to the United States gained 6.7 percent on-year to $1.82 billion won, while those to Vietnam edged down 0.8 percent to $2.31 billion due to an 11 percent drop in chip shipments, the ministry data showed.

South Korea's total exports rose 9.5 percent on-year in February on the back of strong demand for chips and autos. (Yonhap)