Reduced May Workdays Cause Decrease in ICT Exports by 7.5%

Korea’s exports in the information and communications technology (ICT) sector decreased slightly last month compared to the same period last year, due to a reduction in workdays stemming from holidays. 

The Ministry of Science, ICT and Future Planning (MSIP) announced on June 10 that ICT exports totaled US$14 billion in May, a 7.5 percent year-on-year drop. The reduction in ICT exports is mainly attributable to decreased workdays, since there were many holidays such as May Day, Children’s Day, and Buddha’s Birthday.    

The total number of workdays were 20.5 to 21.5 days in May, a slight reduction compared to the 23 days of the previous year. Average daily ICT exports, on the other hand, amounted to US$651 million last month, up US$32 million from a year ago.  

ICT exports hit a record high of US$69.9 billion during January-May this year. The nation’s trade surplus in the ICT sector equaled US$7.25 billion in May, contributing to Korea’s trade surplus of US$5.35 billion.

Last month, imports of ICT goods recorded US$6.75 billion, a year-on-year reduction of 1.8 percent. 

By category, imports of computers and peripheral devices gained 2.8 percent to reach US$710 million. Inbound shipments from mobile phones surged 155.9 percent to hit US$580 million, and display panels edged up 2.6 percent in imports to US$ 500 million. In contrast, semiconductor imports decreased by 14.9 percent with US$2.64 billion, and those of digital TVs also inched down 6.0 percent to US$30 million. 

Among countries, inbound shipments from the US and the UE decreased, whereas those from China (including Hong Kong) and Lain America rose. Specifically, imports from the US recorded US$550 million (down 11.3 percent), followed by US$500 million from the EU (a 1.7 percent drop). On the other hand, those from China went up 6.0 percent to log US$ 2.5 billion, followed by a 9.8 percent rise from Latin America (US$50 million).