Seoul: South Korea's technology exports increased by 4 percent from the previous year in 2024, primarily driven by the information and communication industry, as reported by the science ministry on Friday. The total value of technology exports reached US$18.3 billion in 2024, up from $17.6 billion the previous year.

According to Yonhap News Agency, South Korea's technology imports totaled $22.6 billion in 2024, marking a 6 percent increase from the prior year. This resulted in a total trade volume of $40.5 billion. Within the sectors, technology exports in the information and communication industry amounted to $7.4 billion, reflecting an 8.8 percent increase from 2023. Conversely, the electronics industry experienced a 5.2 percent decline in technology exports, totaling $5 billion during the same period.

In terms of destinations, South Korea's technology exports to the United States grew by 6 percent, reaching $5.48 billion in 2024. Exports to China also showed a significant increase, rising 29 percent to $3.59 billion from 2023. Science Minister Bae Kyung-hoon noted in a release that the achievement of a $40 billion total trade volume indicates the expansion of South Korea's technology exchanges and cooperation. The government aims to support South Korean companies in further expanding technology exports and fostering a cycle of generating new values.