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S. Korea's IT exports surge 10.1 pct in July

All Headlines 11:00 August 08, 2013

SEOUL, Aug. 8 (Yonhap) -- South Korea's exports of information technology (IT) products grew significantly from a year earlier in July on growing shipments to the United States and Southeast Asian countries, the government said Thursday.

Outbound shipments of IT products came to US$14.07 billion last month, up 10.1 percent from the same month last year, according to the Ministry of Science, ICT and Future Planning.

July marked the 11th consecutive month the country's IT exports posted on-year growth.

The country's trade surplus in the IT sector widened to $7.32 billion as its imports gained 6.1 percent on-year to $6.75 billion.

The ministry attributed the growth in exports to a large increase in shipments to the United States and Asian countries.

Exports to the United States spiked 37.3 percent on-year to $1.45 billion with shipments to the 10 member countries of the Association of Southeast Asian Nations (ASEAN) jumping 20.7 percent to $1.66 billion.

"The country's IT exports to Asian countries increased for the 15th consecutive month in July as shipments to the world's largest IT exporter China and the ASEAN increased by a large margin," the ministry said in a press release.

Shipments to China rose 10.4 percent on-year to $7.24 billion in July.

By product, outbound shipments of mobile communication devices, including smartphones, jumped 31.2 percent on-year to $1.88 billion with shipments of semiconductors surging 21.7 percent to $4.8 billion, according to the ministry.

Shipments of display panels, on the other hand, dropped for the third consecutive month in July to $2.36 billion, down 15.1 percent from a year earlier, partly due to shrinking demand in China following the April termination of government subsidies there on televisions.

The ministry forecast the country's IT exports to continue growing in the second half.

"Despite worsening external conditions, the country's IT exports are expected to continue their upward trend on growing shipments of mobile phones and semiconductors," it said.


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