South Korea’s ICT exports see consecutive growth for 5 months

Sales exports totalled US$16.4 billion in the month, registering a 6% year-on-year rise, as South Korea continues to be a leader in the ICT sector.
By: | November 24, 2020
Topics: News | South Korea

South Korea exported US$16.4 billion worth of information and communications technology (ICT) goods in October, recording a 6% year-on-year rise and its fifth consecutive month of increase. 

Exports to all major regions rose, except to Japan, which fell 9.9% to US$307 million due to lower demand for semiconductors and displays, highlighted the Ministry of Trade, Industry and Energy. 

ICT exports to China rose 0.7% to US$7.4 billion, due to demand for semiconductors and mobile phones.  Meanwhile, exports to Vietnam rose by 28.2% to US$2.9 billion, riding the demand for displays and semiconductors. 

ICT exports to the United States increased by 8.8% to US$1.8 billion, registering strong demand for semiconductor and computers.  Exports to the EU grew 6.5% to US$1 billion, showing growth in the sales of chips, mobile phones, computers and peripherals. 

Overall, shipments for semiconductors, displays, computers and peripherals expanded, while those of mobile phones contracted. 

READ: South Korea: Employment in September slides to lowest level in four months

Exports for semiconductors went up 10.1% to US$8.8 billion. Both memory chips and semiconductors saw growth, rising 9% to US$5.4 billion, and 15% to US$2.8 billion, respectively. 

Sales for display panels increased by 10.6% to US$2.1 billion. Due to the launch of new smartphones, demand for organic light-emitting diode (OLED) panels went up, but sales for liquid-crystal display (LCD) panels fell slightly.