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ICT exports up over 10 pct in Feb. on robust chip demand

All News 11:00 March 15, 2021

SEOUL, March 15 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products jumped 11.5 percent on-year in February, rising for the ninth consecutive month on the back of strong overseas demand for chips and displays, data showed Monday.

Outbound shipments of ICT goods stood at US$15.28 billion last month, the second-highest amount ever for February on record, according to the data compiled by the Ministry of Science and ICT.

The country reached a record $15.68 billion in ICT exports for the month in 2018.

Imports last month reached $9.19 billion, resulting in a trade surplus of $6.09 billion.

Cargo containers are stacked at a port in Busan, 453 kilometers southeast of Seoul, on March 2, 2021. (Yonhap)

Cargo containers are stacked at a port in Busan, 453 kilometers southeast of Seoul, on March 2, 2021. (Yonhap)

By segment, chip exports rose 12.5 percent on-year to reach $8.44 billion due to continued global memory and logic chip demand.

Outbound shipments of memory chips advanced 12.6 percent to $5.22 billion, while logic chips leaped 13.2 percent to $2.7 billion.

Display shipments soared 22.3 percent to reach $1.62 billion on the back of rising liquid-crystal display (LCD) prices and strong demand for organic light-emitting diodes (OLED) used in smartphones, according to the ICT ministry.

Exports of mobile phones and parts jumped 15.0 percent to $1.03 billion thanks to growing sales of premium smartphones.

Shipments of computers and related components fell 5.6 percent to 1.07 billion due to an 8.5 percent decline in exports of solid-state drives and related parts.

By destination, shipments to China, including Hong Kong, advanced 13.6 percent on-year to reach $7.02 billion, rising for the sixth consecutive month.

Exports to the United States gained 6.7 percent on-year to $1.82 billion won, while those to Vietnam edged down 0.8 percent to $2.31 billion due to an 11 percent drop in chip shipments, the ministry data showed.

South Korea's total exports rose 9.5 percent on-year in February on the back of strong demand for chips and autos.


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