Korea’s exports of ICT (information and communication technology) products posted an all-time high in last year in 26 years since 1996, when statistics started to be compiled.
The Ministry of Trade, Industry and Energy announced on the 13th that the ICT exports and imports are estimated to reach $21.34 billion and $11.37 billion, respectively. Therefore, trade balance, subtracting imports from exports, recorded a surplus of $9.97 billion.
In particular, exports increased by 21.1% year-on-year last year, surpassing $20 billion for two consecutive months. It is the highest level since statistics were compiled. The second-highest export was made in August, the previous month ($20.271 billion).
Exports have continued to rise for a year and 4 month since June last year. In particular, the double-digit increase for six consecutive months is notable.
Last month's average daily exports ($1.02 billion, 21.0 days) increased by 32.7% compared to the previous year ($770 million, 23.0 days), recording second-highest average daily exports in September.
By major export products, semiconductor exports increased by 27.4% year-on-year to $12.23 billion last month, recording the second-highest ever. It has surpassed $10 billion for five consecutive months since May.
Due to the continuous increase in demand, exports of memory semiconductors ($7.95 billion, 28.6%↑) and system semiconductors ($3.75 billion, 31.7%↑, the highest exports) rose together.
Exports of displays in September increased 15.7% year-on-year to $2.44 billion. Despite the decrease in LCD production by domestic companies, it has been on the rise for 13 consecutive months with expanded demand for OLED (Organic Light Emitting Diodes, $1.62 billion, 33.1%↑).
Exports of mobile phones in September rose 19.6% year-on-year to $1.21 billion. It is analyzed because demand for new premium smartphones and high-added value components increased.
Exports of computers and peripheral devices increased 49.1% year-on-year to $1.91 billion, reaching the monthly high. The second-highest was made in August, the previous month ($1.691 billion).
By country, exports to China (including Hong Kong) was the largest with $10.12 billion, and was followed by Vietnam ($3.59 billion, 15.3%↑), the U.S. ($2.58 billion, 27.2%↑), EU ($1.09 billion, 11.2%↑), Japan ($370 million, 10.7%↑), and others ($3.58 billion, 19.6% ↑).
By Global Economic Reporter Yong-jun Yeo ; translate by Gounee Yang