US$170 Billion Exports

 

Korea’s exports in the information and communications technology (ICT) sector hit all-time highs last year, despite unfavorable factors like a global recession and a drop in oil prices.

The Ministry of Science, ICT and Future Planning announced on Jan. 8 that ICT exports grew 2.6 percent year-on-year to reach US$173.88 billion in 2014, leading to a surplus of US$86.35 billion. Imports of ICT goods amounted to US$87.54 billion last year, up 8.3 percent from the previous year.

The ICT industry contributed to the nation's trade surplus and export surges, since the sector accounted for 30.3 percent of total exports.

By item, outbound shipments to semiconductors and mobile phones increased, whereas exports of display panels and digital TVs decreased.

Specifically, exports of semiconductors surpassed US$60 billion by leading the mobile market based on the local industry's competitive advantage in micro-processing and 3D V-NAND. The corresponding figure for mobile phones was US$ 26.44 billion, thanks to an upward trend in the first quarter of last year.

In contrast, display panels posted a 3.2 percent year-on-year decline in exports and digital TVs at an 8.7 percent year-on-year drop, owing to the slowdown in global demand and the acceleration of global market penetration by Chinese companies.

In addition, imports of mobile phones grew significantly. The number was US$7.24 billion in 2014, up more than 85 percent compared to a year ago. Inbound shipments from semiconductors, computers and peripheral devices, and display panels also increased.

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution