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ICT exports rise for 4th straight month on chips and displays in Sept.

All News 11:00 October 15, 2020

SEOUL, Oct. 15 (Yonhap) -- South Korea's outbound shipments of information and communication technology (ICT) products rose 11.9 percent on-year in September, data showed Thursday, as global demand for semiconductors picked up amid the pandemic.

Exports of ICT products stood at US$17.63 billion last month, according to data compiled by the Ministry of Science and ICT, marking an on-year rise in exports for the fourth consecutive month.

Meanwhile, imports of ICT products reached $9.56 billion in September, up 9 percent over the same period, leading to a trade surplus of $8.07 billion in ICT trade, ministry data showed.

ICT products, which take up a major part of South Korea's total exports, had been hard hit by the pandemic earlier this year. They plummeted 15.3 percent on-year in April before making a rebound in June with 1 percent growth.

This file photo, taken June 1, 2020, shows stacks of cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)

By category, outbound shipments of semiconductors, the leading export category, rose 11.9 percent last month from the previous year to $9.6 billion.

Exports of memory chips stood at $6.2 billion last month, up 9.8 percent, while logic chips jumped 16.8 percent to reach a record $2.9 billion.

Outbound shipments of displays rose 2.7 percent to $2.1 billion, with exports of organic light-emitting diode (OLED) panels up 3.3 percent to $1.2 billion.

Exports of mobile phones, including their parts, however, dropped 13.2 percent to $1 billion over the same period.

Outbound shipments to China, the largest overseas market for local ICT products, rose 5.6 percent to $8.2 billion, with shipments to Vietnam jumping 18 percent to $3.1 billion. Exports to the United States spiked 36.3 percent to $2 billion over the same period.

South Korea's overall exports also rebounded in September for the first time in seven months, thanks to the gain in chips, reaching $48 billion, up 7.7 percent from a year earlier.


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