South Korea's exports of ICT rises for 12th consecutive month in October
Date
11/14/2024 7:25:16 AM
(MENAFN) South Korea's exports of information and communications technology (ICT) products continued to rise for the 12th consecutive month, driven largely by strong demand for memory chips used in generative artificial intelligence (AI) chipsets, according to government data released Thursday. In October, ICT product shipments increased by 22.0 percent year-on-year, reaching 20.8 billion US dollars. This marks an ongoing upward trend that began in November of the previous year.
The export of semiconductors, which make up a significant portion of ICT exports, surged by 39.9 percent to 12.55 billion dollars. This robust growth was largely fueled by the growing demand for high bandwidth memory (HBM) products, which are essential for AI chipsets. Meanwhile, other ICT product categories showed mixed results. While display panel exports fell by 21.5 percent to 1.8 billion dollars, mobile phone exports rose by 21.2 percent to 1.82 billion dollars, reflecting strong international demand.
Exports of computers and peripherals saw a notable increase, climbing by 48.4 percent to 1.12 billion dollars. However, the shipment of communications equipment declined by 8.4 percent to 180 million dollars. On the import side, ICT product imports grew by 5.7 percent to 13.33 billion dollars in October, contributing to a trade surplus of 7.47 billion dollars in the ICT sector. This continued growth in exports and surplus highlights South Korea's dominant position in the global ICT market, particularly in semiconductors and related technologies.
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