ICT exports up 14 pct in May on solid demand for chips, displays

All News 11:00 June 14, 2022

SEOUL, June 14 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products rose 13.9 percent in May from a year earlier on brisk overseas demand for chips and displays, data showed Tuesday.

Outbound shipments of ICT products came to US$20.2 billion last month, up from $17.73 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

It marked the highest-ever tally for May since the government began compiling related data in 1996. The country has seen double-digit growth in ICT exports since April last year.

ICT imports grew 19.8 percent on-year to $12.61 billion last month, resulting in a trade surplus of $7.59 billion in the sector, the data showed.

Solid demand for chips and displays, South Korea's key export items, boosted ICT exports last month.

Exports of semiconductors advanced 14.9 percent on-year to $11.61 billion in May, exceeding the $10 billion mark for the 13th straight month. It is also the highest figure for any May.

Outbound shipments of displays went up 2.4 percent on-year to $1.82 billion, helped by high demand for organic light emitting diode displays.

Exports of mobile phones inched up 1 percent to $1.05 billion, and those of computers and peripheral devices jumped 32.8 percent to $1.77 billion.

By nation, shipments to China, South Korea's largest trading partner, and Hong Kong combined rose 1.5 percent on-year to $8.79 billion despite the lockdown of Shanghai and other major cities over the COVID-19 pandemic.

Exports to Vietnam expanded 15.4 percent to $2.75 billion, and those to the United States and the European Union jumped 20.8 percent and 26.1 percent, respectively.

In May, South Korea's exports rose 21.3 percent to $61.52 billion on the back of brisk demand for chips and petroleum products, though it suffered a trade deficit due to high global energy prices, government data showed.