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S. Korea's 2015 ICT exports slip 1.9 pct on weak global demand

All News 11:00 January 25, 2016

SEJONG, Jan. 25 (Yonhap) -- South Korea's exports of information communication technology (ICT) products dropped 1.9 percent in 2015 from a year earlier due to weak global demand, government data showed Monday.

Outbound shipments of ICT products hit US$172.89 billion in 2015, compared to $176.23 billion tallied the year before, according to data compiled by the Ministry of Trade, Industry and Energy.

It marked the first on-year decline since 2012 when it fell 0.9 percent from a year prior.

ICT exports accounted for 33 percent of the country's entire shipments worth $527.16 billion over the cited period.

"South Korea's ICT exports experienced difficult market conditions last year but it did very well as the world's ICT industry growth for 2015 retreated 5.8 percent," said the trade ministry in a release.

Imports, on the other hand, gained 3.6 percent on-year to hit $91.32 billion last year, with the country logging a surplus of $81.56 billion in this sector.

The decrease in ICT exports from Asia's fourth-largest economy was attributed to losses in shipments of display panels and digital televisions which fell 6.8 percent and 26.1 percent from a year ago, respectively.

The losses were offset by gains in mobile phones and semiconductors which rose 9.8 percent and 0.4 percent on-year, respectively.

By region, shipments to China and the Association of Southeast Asian Nations (ASEAN) advanced 3.8 percent and 10.6 percent, respectively, while those to the European Union and the United States fell 23.8 percent and 2.6 percent.


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