Record High Export Repeated
The Ministry of Science and ICT and the Ministry of Trade, Industry and Energy (MOTIE) announced on October 16 that Korea’s ICT exports in September of this year were the highest-ever monthly record of US$19.26 billion.
The previous record was US$17.48 billion set last month, in August. So the new record replaced the previous record only in a month.
September ICT exports increased 32.6% year on year. This percentage is the highest growth rate since April 2010 (33.3%). ICT export growth rates have grown at double-digit rates year on year for about one year -- 15.7% in March, 24.1% in April, 17.3% in May, 17.8% in June, 20.8% in July and 32.6% in August.
By product, semiconductors (US$9.98 billion) shot up 73.3%, marking the highest monthly exports for the second consecutive month. Displays (US$2.87 billion) and computers and peripherals (US$950 million) also continued to rise.
By region, Korea enjoyed the continued growth of ICT exports to China (US$9.9 billion, a 27.8% increase), Vietnam (US$2.8 billion, an 89.0% increase), the United States (US$1.95 billion, a 31.7% increase) and the EU (US$9.97 billion, a 16.5% increase) and so on.
In the same month, ICT imports rose 23.8 percent to US$9.07 billion, while the ICT trade surplus was estimated at US$10.19 billion.
By trade partner, Korea maintained ICT surpluses in trade with China (including Hong Kong, US$ 6.91 billion), Vietnam (US$ 2.11 billion), the United States (US$ 1.21 billion) and the EU (US$ 330 million).