South Korea’s ICT Exports Fell for Five Months in a Row

The Ministry of Science, ICT & Future Planning announced on March 10 that South Korea’s ICT exports decreased by 9.8% from a year ago to US$11.47 billion last month. The imports and trade surplus were US$6.88 billion, up 1.5% year on year, and US$4.59 billion, respectively.

The decline in the exports continued for the fifth consecutive month. The decrement was 1.6% in October last year, 7.0% in November, 14.7% in December and 17.8% in the following month. Last month, however, the rate of decrease was reduced by an increase in the exports of mobile phones, computers and peripherals. 

In February this year, the mobile phone and component exports showed a year-on-year increase of 2.8% to US$1.93 billion, led by less expensive products such as the Samsung Galaxy A7, while the exports of computers and peripherals increased 8.8% to make a turnaround in four months. The mobile phone exports to the United States jumped by no less than 60.7% to US$620 million.

The semiconductor and display exports declined 12.8% and 23.4% to US$4.15 billion and US$1.94 billion, respectively. This was because of a decline in the price of DRAM chips, a decrease in packaged system-on-chip exports, a reduced global demand for display products and lower panel prices.

By region, South Korea’s ICT exports to ASEAN member states increased 15.5% to US$2.11 billion and those to the U.S. totaled US$1.35 billion, up 22.8% from a year earlier. The exports to India rose 9.4% to US$220 million where those to Hong Kong and China decreased by 15.6% to US$5.55 billion and those to the EU fell 11.6% to US$670 million.