ICT exports jump for 11th straight month in September

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ICT exports jump for 11th straight month in September

Published: 14 Oct. 2024, 16:32

A port in the southeastern city of Busan [YONHAP]

Korea's exports of information and communication technology (ICT) products rose for the 11th consecutive month in September, driven by record sales of semiconductors, data showed Monday.

Outbound shipments of ICT products came to $22.4 billion last month, up 24 percent from $18.04 billion a year earlier, according to data compiled by the Ministry of Science and ICT.

The monthly tally marked the second highest since March 2022.

Imports of ICT products increased 15.9 percent on year to $12.5 billion, resulting in a trade surplus of $9.88 billion in the sector.

By item, chip exports jumped 36.3 percent on year to record an all-time high of $13.6 billion in September, posting a double-digit increase for the 11th straight month, amid strong global chip demand for artificial intelligence servers.

Outbound shipments of memory chips in particular shot up 60.7 percent on year to $8.7 billion as demand for high-value products like high bandwidth memory chips increased.

Overseas sales of mobile phones climbed 25.1 percent to $1.71 billion thanks to the popularity of newly released smartphones, and exports of computers and peripherals soared 104.8 percent to $1.64 billion on robust demand for auxiliary storage devices.

But exports of displays and communications equipment dropped 5.1 percent and 28.7 percent to $1.9 billion and $160 million, respectively.

By nation, combined shipments to China and Hong Kong advanced 22.6 percent on year to $9.18 billion, logging a gain for the 11th consecutive month as exports of chips and mobile phones increased.

Exports to the United States jumped 39.9 percent to $3.04 billion on chips and computers, and exports to Vietnam expanded 8.7 percent to $3.37 billion.

Outbound shipments to the European Union also rose 11.3 percent to $1.06 billion, and exports to Japan added 2.3 percent to $350 million.

Yonhap