South korea: South Korea's exports of information and communication technology (ICT) products experienced a substantial increase of 140.6 percent in July compared to the previous year, primarily driven by ongoing global investments in artificial intelligence (AI), as revealed by government data on Friday.

According to Yonhap News Agency, the Ministry of Science and ICT reported that outbound shipments of ICT products amounted to US$53.4 billion last month, a significant rise from $22.2 billion in the same period last year. This figure marks the highest recorded for any July, highlighting the robust growth in the sector.

ICT imports also saw a notable increase, rising by 37.3 percent year-on-year to $18.3 billion, resulting in a trade surplus of $35.1 billion within the sector. The surge in exports was primarily driven by semiconductor products, which saw a remarkable 178.8 percent increase to $41 billion, fueled by strong demand for AI-related chips. The ministry noted that chip exports have been on the rise for 17 consecutive months.

Additionally, exports of computers and communications equipment surged by 353.9 percent to $4.9 billion, while mobile phone shipments grew by 62.6 percent to $1.6 billion. The data also showed a slight increase in outbound shipments of display panels, which rose 0.5 percent to $1.77 billion, amid the anticipation of new smartphone and TV models set for release in the latter half of the year.

In terms of export destinations, combined shipments to China and Hong Kong soared by 194.7 percent, while exports to the United States increased by 187 percent. Shipments to Vietnam rose by 115.7 percent, those to the European Union climbed by 202 percent, and exports to India advanced by 128.2 percent year-on-year.