S. Korea's ICT exports up over 30% in April
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This file photo, taken April 1, 2021, shows ships carrying containers docking at a port in South Korea’s southeastern city of Busan. (Yonhap)
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South Korea’s exports of information and communication technology (ICT) products rose more than 30 percent last month — the sharpest rise in over 10 years — on the back of robust global demand for chips and displays, data showed Monday.
Outbound shipments of ICT products were estimated at $17.06 billion in April, the highest-ever amount for any April and a rise of 32.6 percent from a year earlier, according to data from the Ministry of Science and ICT.
The latest data marked the 11th consecutive month of on-year gains and the sharpest rise in ICT exports since April 2010.
Last month, imports reached $10.78 billion, up 21.5 percent from a year earlier, resulting in a trade surplus of $6.29 billion.
By segment, semiconductor exports in April rose 29.4 percent on-year to $9.4 billion thanks to strong demand for memory and logic chips.
Outbound shipments of memory chips grew 18.8 percent to $5.93 billion over the cited period, while logic chips jumped 59 percent to $2.94 billion.
Display shipments surged 35.1 percent to $1.67 billion on a robust appetite for organic light-emitting diodes (OLED) used in smartphones.
OLED exports vaulted 57.5 percent to $840 million, while liquid crystal display (LCD) shipments gained 13.1 percent to $500 million.
Exports of mobile phones and related parts nearly doubled, growing 89.7 percent on-year to $1.24 billion.
The ministry said that shipments of mobile phone parts to China increased 145 percent, while exports of mobile phones to the European Union spiked 374.6 percent.
By destination, shipments to China, South Korea’s largest trading partner, rose 21.6 percent on-year to $8.04 billion, rising for the eighth consecutive month, thanks to demand for chips, displays and mobile phones.
Exports to Vietnam soared 67 percent to $2.39 billion, while those to the United States gained 25.2 percent to $2.13 billion on the back of demand for mobile phones and rechargeable batteries.
South Korea’s total exports last month advanced 41.1 percent from a year earlier to $51.19 billion on upbeat shipments of chips and autos to extend their gains for the sixth consecutive month. (Yonhap)