South korea: South Korea's exports of information and communication technology (ICT) products more than doubled in February compared to the previous year, driven primarily by a surge in chip shipments amid the global artificial intelligence (AI) boom, data revealed on Thursday.

According to Yonhap News Agency, the Ministry of Science and ICT reported that outbound shipments of ICT products in February reached US$33.6 billion, a significant increase from $16.5 billion a year earlier. This marks the highest export value recorded for any February, despite having fewer working days. The imports also increased by 19.6 percent to $13 billion, resulting in a trade surplus of $20.5 billion.

"ICT exports accounted for 49.8 percent of the country's total exports of $67.45 billion in the month, reaffirming the sector's reputation as the key industry leading the South Korean economy's growth," the ministry said in a release.

The data highlighted that chip exports surged by 160 percent to $25.17 billion due to soaring demand from the global AI data center industry. The growth was further bolstered by the strong performance of premium products such as high bandwidth memory (HBM).

Exports of smartphones also saw a rise of 16.9 percent to $1.24 billion, fueled by the release of new products and heightened demand for premium handsets. Meanwhile, outbound shipments of computers and related accessories nearly tripled to $2.72 billion, reflecting increased global investment in AI infrastructure.

Conversely, exports of display products decreased by 7.5 percent to $1.36 billion, attributed to weak demand for organic light-emitting diode (OLED) products in the IT segment.

Geographically, exports to the United States tripled to $6.28 billion, driven mainly by chips, handsets, and computers. Similarly, exports to China, including Hong Kong, doubled to $1.24 billion, propelled by strong chip sales.