Korea's ICT Exports Fall for Second Consecutive Month in May

The South Korean government announced on June 14 that exports from the information and communications technology (ICT) sector totaled US$13.93 billion last month, down 2.6 percent from a year ago. Korea's ICT exports fell year on year for the second consecutive month.

Semiconductor exports added up to US$8.15 billion, up 6.5 percent from a year earlier and up 12.3 percent from the previous month. Specifically, memory chip exports rose 9.8 percent to US$5.78 billion based on increasing demands for those for use in servers and PCs. Likewise, system-on-chip exports rose 5.3 percent to US$1.94 billion. In addition, exports of computers and peripherals jumped 73 percent year on year to US$1.22 billion.

On the other hand, display exports fell 21.2 percent to US$1.28 billion due to mass production of LCDs in China and a decline in OLED demand. The exports fell for the 21st consecutive month. Mobile phone exports dropped 21.5 percent to US$730 million due to a decline in smartphone demand.

Previously, the overall exports from the ICT sector increased 8.2 percent and 1.1 percent year on year in February and March, respectively. However, the exports dropped 15.3 percent in April.

Exports to China totaled US$7.27 billion, followed by those to the United States (US$1.74 billion), Vietnam (US$1.71 billion), the European Union (US$850 million) and Japan (US$300 million). Those to China and the United States increased unlike the rest.

Last month, South Korea’s ICT imports added up to US$8.92 billion, down 7.8 percent from a year ago. Mobile phone imports rose 6.5 percent and those of computers and peripherals increased 34.2 percent whereas semiconductor and display imports fell 14.8 percent and 11.9 percent, respectively.