Seoul: South Korea's exports of information and communication technology (ICT) products jumped 14.5 percent from a year earlier in July on record-high performance of chips, data showed Wednesday. Outbound shipments of ICT products reached US$22.19 billion last month, compared with $19.38 billion a year earlier. It marks the highest export volume for any July.

According to Yonhap News Agency, imports gained 9.8 percent on-year to $13.32 billion, resulting in a trade surplus of $8.87 billion in the sector. The science ministry attributed the sharp increase in exports to record shipments of semiconductors, which spiked 31.2 percent on-year to $14.72 billion on higher memory chip prices amid growing investments in artificial intelligence servers by global companies.

Exports of display products, on the other hand, slipped 8.9 percent to $1.76 billion amid an industry-wide downturn. Shipments of mobile devices also slumped 21.7 percent to $960 million, and those of computers and accessories decreased 17.1 percent to $1.09 billion.

By destination, exports to the United States jumped 11.9 percent to $2.71 billion, led mostly by semiconductors and mobile devices, extending their on-year gains to 21 consecutive months. Shipments to China, meanwhile, shed 5.6 percent to $7.47 billion due to weaker demand for chips, displays, and mobile devices. Exports to the European Union and Japan gained 18 percent and 23.9 percent, respectively.