Korea’s ICT exports rise for 17th straight month
[THE INVESTOR] Korea’s exports of information and communications technology products posted double-digit growth for the 17th month in a row in April, government data showed on May 16.
A total of US$17.2 billion worth of ICT products was shipped overseas last month, up 10.9 percent from a year ago, according to the Ministry of Trade, Industry and Energy. The latest tally broke the previous monthly record for April.
Korea’s ICT imports also rose 10 percent to post a trade surplus of US$8.56 billion last month, the ministry said.
The ministry said strong demand for Korean memory chips and computers propelled growth to offset sluggish sales of displays and mobile phones.
Exports of semiconductors made by Korean tech giants like Samsung Electronics jumped 36.6 percent on-year to $9.89 billion in April, and those of memory chips, such as MCPs and DRAM, soared 47.3 percent to US$6.99 billion.
Sales of displays declined 13.5 percent to US$2 billion last month due to intensifying competition in LCDs and slowing demand for OLEDs.
Combined overseas sales of mobile handsets and parts tumbled 42.4 percent to US$1.05 billion over the period amid tough competition in the high-end segment and rising production in overseas factories.
By region, shipments to China, Japan and Vietnam increased 4.5 percent, 7.7 percent and 14.6 percent, respectively, in April.
Those to the United States fell 2.3 percent over the period, the data showed.
By Song Seung-hyun and newswires (email@example.com)