ICT exports surge 14.5% in July on record-high chip shipments
Containers are stacked at a port in Pyeongtaek, Gyeonggi Province, Aug 7. Yonhap
Korea's exports of information and communication technology (ICT) products jumped 14.5 percent from a year earlier in July on record-high performance of chips, data showed Wednesday.
Outbound shipments of ICT products reached $22.19 billion last month, compared with $19.38 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. It marks the highest export volume for any July.
Imports gained 9.8 percent on-year to $13.32 billion, resulting in a trade surplus of $8.87 billion in the sector.
The science ministry attributed the sharp increase in exports to record shipments of semiconductors, which spiked 31.2 percent on-year to $14.72 billion on higher memory chip prices amid growing investments in artificial intelligence servers by global companies.
Exports of display products, on the other hand, slipped 8.9 percent to $1.76 billion amid an industry-wide downturn.
Shipments of mobile devices also slumped 21.7 percent to $960 million and those of computers and accessories decreased 17.1 percent to $1.09 billion.
By destination, exports to the United States jumped 11.9 percent to $2.71 billion, led mostly by semiconductors and mobile devices, extending their on-year gains to 21 consecutive months.
Shipments to China, meanwhile, shed 5.6 percent to $7.47 billion due to weaker demand for chips, displays and mobile devices.
Exports to the European Union and Japan gained 18 percent and 23.9 percent, respectively, the data showed.