S. Korea’s July ICT exports hit record high for 6th consecutive month

SEOUL-- South Korean exports of information and communication technology (ICT) products increased in July to a record high for the sixth consecutive month on brisk overseas sales of semiconductors and displays, government data showed Wednesday.

A total of US$15.7 billion worth of ICT products were shipped overseas, up 20.9 percent from a year earlier, according to the data compiled by the Ministry of Science and ICT.

July's overseas shipments of ICT products were a record for the month, breaking the previous $14.3 billion tallied for the same 31 days in 2014, the ministry said.

ICT imports also jumped 15.2 percent on-year to $8.28 billion last month, with the country logging a trade surplus of $7.43 billion in the sector, the latest data showed.

The ministry said rising overseas demand for South Korean computer chips, display panels and computers contributed to the surge, offsetting the weak exports of mobile phones.

Exports of semiconductors made by Asia's fourth-largest economy soared 60.8 percent on-year to $8.4 billion in July mainly on the back of the rising market price of NAND flash chips and rising demand, the ministry said.

The ministry said exports of displays increased 5.1 percent on-year in July to post a nine-month winning streak, helped by rising demand for organic light-emitting diode (OLED) TVs.

Overseas shipments of computers and computer equipment also increased 12.3 percent on-year last month on the back of gains in South Korean-made solid state drives (SSD) in the global market, the ministry said. The overseas shipments of SSD in July hit a monthly record high.

Combined overseas sales of mobile handsets and parts, however, tumbled 31.5 percent to $1.27 billion last month from a year earlier, due to increased competition in the global market, the ministry said.

By region, shipments to China, Vietnam, the United States and the European Union increased 19.6 percent, 44.6 percent, 14.6 percent and 13.3 percent, respectively, on-year in the cited month, the data showed.

Source: Yonhap News Agency

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