Korea's ICT exports mark record high on sustained AI investments
A SK hynix's HBM4E (High Bandwidth Memory 4 Enhanced) memory chip is displayed at a SK hynix booth before a public briefing on the development vision for the advanced industry in Gwangju. June 30. Reuters-Yonhap
Korea's exports of information and communication technology (ICT) products marked a historic high in August, driven by sustained global investments in artificial intelligence (AI), government data showed Monday.
Outbound shipments of ICT products reached $59.98 billion last month, up 162.6 percent from $22.84 billion a year earlier, the Ministry of Science and ICT said in a press release.
ICT products accounted for over 60 percent of the country's total exports in the month for the first time, the ministry added.
Imports in the sector rose 48.8 percent on-year to $18.61 billion, resulting in a trade surplus of $41.37 billion.
It marked the first time that Korea's ICT surplus topped the $40 billion mark, the ministry said.
By product, semiconductor exports surged 209 percent on-year to $46.67 billion, as demand related to AI infrastructure continued amid expanded investments from global big-tech companies.
Exports of computers and communications equipment spiked 383.1 percent to $6.4 billion, while mobile phone shipments increased 23.2 percent to $1.64 billion, the data showed.
However, outbound shipments of display panels fell 7 percent to $1.69 billion, as companies faced pressures to lower costs due to a rise in memory prices.
By destination, combined shipments to China and Hong Kong shot up 227.9 percent, while exports to the United States vaulted 306.5 percent.
Shipments to Vietnam increased 81.4 percent, those to the European Union climbed 49.1 percent and those to India advanced 126.7 percent on-year.