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ICT exports jump over 30% for 2nd consecutive month in May

June 16, 2024 - 11:21 By Yonhap
A port in the southeastern city of Busan on Tuesday (Newsis)

South Korea's exports of information and communication technology products soared more than 30 percent for the second consecutive month in May on robust global demand, data showed Sunday.

Outbound shipments of ICT products came to $19.05 billion last month, up 31.8 percent from $14.45 billion a year earlier, logging the seventh straight month of increase, according to data compiled by the Ministry of Science and ICT.

The country's ICT imports increased 2.4 percent on-year to $11.48 billion, resulting in a trade surplus of $7.57 billion in the sector.

By item, chip exports surged 52.4 percent on-year to $11.39 billion last month on higher global chip demand stemming from the growth of the artificial intelligence market and the recovery of the IT device market.

It was the seventh straight month the chip export tally posted a double-digit increase.

In detail, exports of memory chips shot up 101 percent on-year to $6.86 billion as the average price of 8-gigabit DRAM continued to increase to hit $2.1 in May, thanks to the brisk demand for high-value products like high-bandwidth memory chips.

Overseas sales of displays climbed 15.3 percent to $1.85 billion, posting a double-digit increase for the fourth straight month, on higher demand for televisions and personal computers.

Exports of mobile phones gained 10.8 percent on-year to $1.02 billion, and outbound shipments of computers and peripherals advanced 42.5 percent to $1.18 billion, but exports of communications equipment dropped 10.7 percent to $180 million.

By nation, combined shipments to China and Hong Kong jumped 35.3 percent on-year to $8.13 billion last month, logging a gain for the seventh consecutive month, mainly thanks to an increase in chip and display exports.

Exports to Vietnam rose 30.6 percent to $3.07 billion, growing for the 10th straight month, on higher demand for semiconductors and displays.

Exports to the United States expanded 20.7 percent to $2.14 billion, with stronger demand for chips for servers and data centers, as well as computers, and exports to the European Union grew 21.3 percent to $1.09 billion on chips and computers.

Outbound shipments to Japan, however, retreated 19.5 percent to $300 million on semiconductors, marking a turnaround from a 9.1 percent increase in April. (Yonhap)