South korea: South Korea's exports of information and communication technology (ICT) products recorded a significant on-year increase in April, primarily fueled by robust overseas demand for semiconductors and other components integral to the artificial intelligence (AI) ecosystem.

According to Yonhap News Agency, data compiled by the Ministry of Science and ICT revealed that outbound shipments of ICT products in April soared by 125.9 percent compared to the previous year, reaching a substantial US$42.7 billion. This increase represents the sharpest on-year growth in percentage terms and the second-largest export value since the ministry began tracking related data.

Imports of ICT products also saw an uptick, climbing 33.3 percent to $16.2 billion, resulting in a trade surplus of $26.6 billion. The ministry highlighted that ICT exports accounted for approximately 49.7 percent of South Korea's total exports of $85.9 billion for the month, underscoring the sector's pivotal role in driving the country's economic growth.

The surge was predominantly driven by semiconductor exports, which skyrocketed 173.3 percent to $31.9 billion, as global demand for memory chips continued to rise due to steady AI investments. Exports of computers and related accessories increased by an impressive 430 percent to $4.3 billion, propelled by the demand for solid-state drives (SSDs), essential in the AI supply chain.

Smartphone exports also experienced growth, rising 14 percent to $1.4 billion in April, while shipments of telecommunication devices increased 9.9 percent year-on-year to $220 million, particularly to markets in Japan and Vietnam. Conversely, exports of display products declined by 5.3 percent to $1.4 billion, affected by cost pressures stemming from rising chip prices.

Export destinations saw diverse growth patterns, with shipments to the United States nearly quadrupling, driven by demand for chips, smartphones, and computer accessories. Exports to China increased by 132.1 percent, while those to Vietnam and Taiwan rose by 89.3 percent and 89.4 percent, respectively.