Sunday, January 19, 2020
IT Exports Jumped 11.6% Mainly Due to Smartphones, Semiconductors
October IT Exports
IT Exports Jumped 11.6% Mainly Due to Smartphones, Semiconductors
  • By matthew
  • November 12, 2013, 05:21
Share articles

Smartphones being shipped out on an Asiana Cargo aircraft.
Smartphones being shipped out on an Asiana Cargo aircraft.

 

According to a report compiled by the Ministry of Science, ICT and Future Planning on November 11, Korea’s exports of information technology (IT) products in October rose 11.6 percent from a year earlier.

IT product shipments overseas reached US$16.23 billion in October, recording the highest-ever monthly performance since May’s US$15.15 billion. The trade surplus in the IT sector also reached an all-time high of US$8.4 billion by jumping 19.7 percent from a year earlier.

The ministry attributed the export growth to a sharp increase in shipments of mobile phones and semiconductors.

Exports of mobile handsets surged 30.5 percent year-on-year to reach US$2.9 billion, with smartphones accounting for an all-time high US$1.7 billion.

Shipments of semiconductors also increased 14.9 percent year-on-year to US$5.3 billion, centered on memory chip sales, which climbed 43.1 percent to US$2.29 billion.

By nation, exports to the US rose 28.6 percent year-on-year to US$1.41 billion with shipments to the 10 member countries of the Association of Southeast Asian Nations (ASEAN) jumping 33.4 percent to US$2.16 billion.

Shipments to China increased 3.4 percent from a year ago to US$7.84 billion. Exports to the Eurozone climbed 10.7 percent to US$1.49 billion.

The ministry said the nation’s export of IT products is expected to keep its growth trend until the end of this year on the back of the global economy’s recovery mood and seasonal demands for IT products at the end of the year.

In the meantime, Korea’s import of IT products amounted to US$7.76 billion, up 4 percent from a year earlier, with inbound shipments of mobile handsets soaring 90.9 percent to reach US$540 million.