ICT exports down in Oct. amid global slowdown

All News 11:00 November 14, 2022

SEOUL, Nov. 14 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products declined 10.3 percent in October from a year earlier in the face of weak demand for tech goods amid a global economic slowdown, data showed Monday.

Outbound shipments of ICT products came to US$17.9 billion last month, down from $20 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

The country's ICT imports in October grew 13.6 percent on-year to $13.8 billion, resulting in a trade surplus of $4.1 billion in the sector.

The ministry said ICT exports fell across nearly all product categories in October due to a slump in demand from the global economic slowdown.

Exports of semiconductors, which accounted for more than half of all ICT shipments, retreated 16.2 percent to $9.4 billion, while those of other key products, such as displays and computers, fell 9.6 percent and 30.9 percent to $2 billion and $1 billion, respectively.

Shipments of smartphones, however, rose 13 percent to $1.6 billion last month on growing demand for high-end products, the ministry added.

By nation, combined shipments to China, South Korea's largest trading partner, and Hong Kong dropped 16 percent on-year to $7.8 billion.

Exports to Vietnam, the United States and Japan also fell 1.3 percent, 13.9 percent and 5.3 percent, respectively.