Electronics industry world’s No. 3

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Electronics industry world’s No. 3

Korea’s electronics output was the world’s third largest in terms of value last year as memory chip sales were brisk, an industry report showed Tuesday.

Production of the electronics industry totaled $171.1 billion in 2018, accounting for 8.8 percent of the global market, the Korea Electronics Association (KEA) said in the report.

China’s electronics output accounted for 37.2 percent of the global market last year, and the United States came next with a 12.6-percent portion, the KEA said, referencing data by Reed Electronics Research.

Korea’s electronics production soared 53.3 percent from 2013 to 2018, beating Japan to take over the third spot thanks to strong performances by Samsung Electronics and SK Hynix.

The two Korean chipmakers enjoyed record-breaking profits in the past two years on the back of a major boom in memory chips.

The sector’s annual growth over the five-year period was 9 percent, the third highest, following Vietnam’s 11.7 percent and India’s 10.9 percent, while Japan’s output decreased 2.3 percent over the cited period, the data showed.

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