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April 21, 2024

Korea's tech exports reach record $15.2b in 2022

PUBLISHED : February 26, 2024 - 16:31

UPDATED : February 27, 2024 - 11:17

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South Korea's tech exports surged to a new peak of $15.2 billion in 2022, with a 2 percent increase driven by heightened sales to the United States, government data revealed on Monday.

Tech imports grew by 5 percent to $19.6 billion during the same period, leading to a 17.1 percent expansion in the country's tech trade deficit to $4.4 billion.

Notably, exports to the US climbed by 40 percent to $4.5 billion, fueled by robust demand for electronics and gaming technologies. Meanwhile, US imports decreased by 2.4 percent  to $6.8 billion, resulting in a trade shortfall of $2.4 billion.

Exports to China declined by 17.7 percent to $2.6 billion due to reduced demand for gaming technologies, while imports surged by 77.6 percent to $1.8 billion in semiconductor tech.

Over the past two decades, South Korea's tech trade value has multiplied by ten, enhancing the export-to-import ratio threefold, the ICT Ministry said.

By The Investor (investor@heraldcorp.com)

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