Shipping Hits
Smartphones have reemerged as the top contributor to a surge in Korea's ITC exports. After struggling in the 8th consecutive month from Sep. last year, smartphone exports totaled US$1.22 billion in May, a 61 percent month-on-month surge. The number is an 18.6 percent gain compared to the same period last year.
Industry analysts are saying that as the sale of the Galaxy S6 and the G4 that were released in April began in earnest in overseas markets, the nation's smartphone exports soared. Moreover, Samsung Electronics is going to increase the production of the Galaxy S6 Edge during this month. LG is also planning to launch the G4 through 180 mobile carriers around the world. Hence, observers are saying that a positive trend in smartphone exports will continue for the time being.
Thanks to the two model's good performance, exports of locally-made mobile phones grew 26.6 percent year-on-year to reach US$2.74 billion in May. Exports of mobile phone parts led by overseas production bases amounted to S$1.5 billion, a year-on-year increase of 34.5 percent.
By region, exports to Vietnam, the EU, Japan, and China grew significantly, aside from the US. Outbound shipments of cell phones to China and Hong Kong reached US$890 million, and those to Vietnam grew 240 percent to reach US$440 million. The country's mobile phone exports to the EU rose 35.8 percent to amount to US$130 million, helped by the huge popularity of the Galaxy S6 and the G4.
However, imports of cell phones increased as well. The nation's imports of foreign smartphones like the iPhones and components for mobile phones such as OLED displays grew, thereby recording US$780 million last month. The number is a year-on-year gain of 34.6 percent, but mobile phones continued the surplus trend of US$1.96 billion.
Meanwhile, ICT exports increased 2.0 percent year-on-year to reach US$114.28 billion in May. ICT imports totaled US$6.84 billion, up 1.2 percent from a year ago. In particular, an increase in exports of major items like cell phones and system semiconductors helped the nation's ICT trade regain a trade surplus of around US$7 billion for the first time during this year.