Technology Exports
The Ministry of Science, ICT & Future Planning of South Korea announced on December 27 that the country posted a technology trade balance of US$28.617 billion last year, up 6.0% from a year ago. Specifically, the exports increased 6.6% to US$10.408 billion and the imports increased 5.6% to US$16.409 billion.
The exports had reached US$5 billion in 2012 and then broke the US$10 billion mark in three years. This was led by a 111.1% increase in technology export from the chemical sector, where major pharmaceutical companies signed a series of big contracts. The electrical and electronics industry accounted for 47.2% of the total technology trade balance last year. This sector’s deficit was US$4.647 billion during the same period.
That year, the country’s major technology trade partners were China, Vietnam and the United States in the case of exports from South Korea, and the United States, Singapore and Japan when it comes to imports. The exports to China and the United States declined whereas the exports to Vietnam showed a significant growth.
48.6% of the technology South Korea imported last year was from the U.S. and the imports from Singapore increased by as much as 254.5%.