South Korea’s exports of ICT products surpass USD20 billion in November
Date
12/15/2024 3:37:09 AM
(MENAFN) South Korea’s exports of information and communications technology (ICT) products surpassed USD20 billion in November, marking the fourth consecutive month of achieving this milestone, according to data released on Sunday. The exports totaled USD20.5 billion, reflecting a 14.8 percent increase compared to the same month last year. This consistent growth, reported by Yonhap News Agency citing the Ministry of Science and ICT, highlights the sector’s resilience despite a slowdown in the year-on-year growth rate since August.
While the year-on-year growth rate of ICT exports had been above 30 percent between April and July, it declined to below 30 percent from August to October and further dropped below 20 percent in November. Imports of ICT products during the month reached USD12.44 billion, resulting in a trade surplus of USD8.06 billion. This surplus underlines the sector's critical role in maintaining a favorable trade balance for the country.
For the first 11 months of the year, ICT exports reached USD212.4 billion, a 26.1 percent increase from the same period last year. Semiconductor exports led the growth, jumping 30.3 percent year-on-year to USD12.4 billion in November. This marked the 13th consecutive month of double-digit growth, driven by strong demand for high-value products such as high-bandwidth memory chips fueled by the global artificial intelligence boom.
Memory chip exports, in particular, surged by 52 percent to USD7.96 billion. Exports of computers and peripherals also saw remarkable growth, rising by 98.6 percent to USD1.15 billion. However, not all product categories experienced gains, as monitor exports fell 20.1 percent to USD1.67 billion, illustrating mixed performance across different ICT product segments.
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