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Exports from ICT Sector Increased by Over 20% in Feb.
First Time Since 2010
Exports from ICT Sector Increased by Over 20% in Feb.
  • By Cho Jin-young
  • March 16, 2017, 02:45
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The total exports from the ICT sector of South Korea added up to US$14.06 billion in February, up 22.8% from a year earlier.
The total exports from the ICT sector of South Korea added up to US$14.06 billion in February, up 22.8% from a year earlier.

 

It has been found that the total exports from the ICT sector of South Korea added up to US$14.06 billion last month, up 22.8% from a year earlier. Such a year-on-year export growth exceeding 20% is for the first time since August 2010. The exports from the sector increased for the fourth consecutive month and showed a double-digit growth rate for three months in a row.

Semiconductor exports totaled US$6.5 billion, up 56.6% from a year ago, to reach a new high. Display exports increased 15.5% to US$2.23 billion and the exports of computers and peripherals rose 22.9% to US$660 million, led by solid state drives (SSDs). Meanwhile, mobile phone exports fell 25.9% to US$1.5 billion.

Exports to China and Hong Kong increased 34.1% to US$7.43 billion and those to Europe rose 37.9% to US$920 million. The figures increased by 27% and reached US$1.58 billion when it comes to those to Vietnam, where both Samsung Electronics and LG Electronics are running their main manufacturing facilities. Exports to the United States showed a decline of 17% to US$1.12 billion as mobile phone exports to the country fell.

On the import side, mobile phone, semiconductor and display increased 15.5%, 2.0% and 31.2% to US$860 million, US$3.02 billion and US$460 million, respectively. South Korea’s trade surplus in the ICT sector totaled US$6.77 billion last month.