Slower ICT Sector

Korea’s total monthly exports of information and communications technology products last month fell 14.3% from a year ago to US$12.53 billion.
Korea’s total monthly exports of information and communications technology products last month fell 14.3% from a year ago to US$12.53 billion.

 

The Ministry of Science, ICT & Future Planning announced on May 12 that the total monthly exports from South Korea’s information and communications technology sector last month fell 14.3% from a year ago to US$12.53 billion. The amount continued to fall for the seventh consecutive month with the rate of decrease having reached 17.8% in January this year, 9.8% in February and 5.0% in March.

By segment, semiconductor and display panel exports declined by 11.8% and 27.6% year on year to US$4.55 billion and US$2.13 billion, respectively.

During the same period, South Korea’s mobile phone exports fell 7.9% to US$2.15 billion. “Although finished mobile phone exports have increased by approximately 40% since the Samsung Galaxy S7 and the LG G5 hit the global market, the total mobile phone exports showed a negative growth as an increase in the amount of components locally procured for products manufactured abroad led to a decrease in component exports,” the ministry explained. 

By export destination, the exports to the United States increased by 25.3% from a year earlier to US$1.59 billion whereas those to China dropped by 18.9% to US$6.3 billion. During the period, South Korea’s ICT imports totaled US$7.27 billion, down 4.9% from a year ago, and its ICT trade surplus was US$5.26 billion.

 

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