ICT exports soar 34 pct in March to hit monthly high on chip demand

All News 13:37 April 14, 2022

SEOUL, April 14 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products jumped 34 percent in March from a year earlier on strong demand for chips and displays, data showed Thursday.

Outbound shipments of ICT products reached US$23.26 billion last month, up from $17.41 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

The figure marks the highest-ever monthly ICT exports in terms of value since the government began compiling related data in 1996.

ICT imports stood at $12.86 billion last month, up 17.5 percent from $10.95 billion a year ago, resulting in a trade surplus of $10.4 billion in the sector, the data showed.

Chips and displays bolstered the country's ICT exports last month.

Semiconductor shipments surged 38 percent on-year to a record monthly high of $13.2 billion, exceeding the $10-billion mark for the 11th consecutive month.

Display exports soared 45.3 percent on-year to $2.45 billion, helped by strong demand for organic light emitting diode (OLED) displays.

Outbound shipments of mobile phones jumped 37 percent to $1.51 billion, while exports of computers and peripheral devices climbed 37 percent to $1.79 billion.

By destination, shipments to China, South Korea's largest trading partner, and Hong Kong jumped 28.6 percent on-year to $10.57 billion.

Exports to Vietnam were $3.5 billion, followed by the European Union at $1.42 billion, and the United States at $1.02 billion, the data showed.

In March, South Korea's overall exports jumped 18.2 percent to $63.48 billion from a year earlier, as overseas shipments of chips, autos and other key products increased amid eased COVID-19 virus curbs.