Good ICT Performance
Korea’s exports in the information and communications technology (ICT) sector hit all-time highs during January- November this year, helped by an increase in exports to China and the U.S.
According to the Ministry of Science, ICT and Future Planning (MSIP) on Dec. 9, ICT exports climbed 3.6 percent year-on-year to reach US$15.18 in November. Imports of ICT goods totaled US$7.46 billion, a year-on-year gain of 9.4 percent, leading to a trade surplus of US$7.71 billion last month.
“ICT exports from January to November of this year amounted to US$158.9 billion. The number is the highest ever,” said the MSIP in a statement, adding, “ICT exports comprised 30.3 percent of the total, which contributed to the fact that the nation crossed US$1 trillion mark in trade earlier than expected.”
By country, outbound shipments to the U.S. reached US$1.51 billion, up 16.8 percent from the previous year, led by an increase in demand for mobile phones and semiconductors. Exports to China (including Hong Kong) grew three months in a row, logging US$8.04 billion.
Meanwhile, ICT imports grew 9.4 percent year-on-year to reach US$7.46 billion. Inbound shipments from mobile phones increased 44.3 percent year-on-year, with semiconductors at a 10.1 percent growth and display panels at 6.8 percent.
In addition, the country's current account surplus was US$7.71 billion, helped by an improvement in the current account balance of deficit items like system semiconductors and the surplus of major items such as mobile phones and displays.