S. Korea's handset exports down 33 pct in March

SEOUL, May 5 (Yonhap) -- South Korea's exports of handsets moved down 33 percent in March from a year earlier due to the sluggish demand for smartphones around the globe, data showed Sunday.

According to the Ministry of Science and ICT, the country's outbound shipments of handsets, including parts, came to US$910 million in March. It marked the eighth consecutive month for the figure to fall on-year.

Exports of completed handset products came to $400 billion, falling 38.7 percent on-year amid the intensified competition abroad.

Outbound shipments of handset parts also moved down 27.7 percent over the cited period to reach $510 billion as smartphone makers opted to secure parts locally at their overseas production lines.

By region, exports of handset parts to China nose-dived 51 percent over the cited period to $150 billion. Shipments to Vietnam and Brazil also moved down 11.4 percent and 60 percent, respectively, the ministry said.

Experts said South Korea's exports of handsets and related parts may lose ground further down the road considering the sluggish global market.

Industry tracker Strategy Analytics said the global smartphone market in terms of shipments may decrease 2.9 percent in 2019 from a year earlier.

colin@yna.co.kr
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