April 26, 2024

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[THE INVESTOR] South Korean exports of information and communications technology products increased by 22.8 percent in February, government data showed on March 15.

According to the data compiled by the Ministry of Trade, Industry and Energy, overseas shipments of ICT products surged to US$14.06 billion last month, exceeding the US$14 billion mark for the first time in February.

ICT imports increased 6 percent on-year to US$7.29 billion last month, with the country logging a trade surplus of US$6.77 billion in the sector.

The ministry said rising overseas demand for South Korean semiconductors, displays and computers drove the surge in ICT exports, offsetting weak exports of mobile phones.

Outbound shipments of semiconductors soared 56.6 percent on-year to a record monthly high of US$6.5 billion in February.

Exports of displays climbed 15.5 percent on-year to US$2.23 billion, with those of computers and computer equipment soaring 22.9 percent to US$660 million.

Overseas sales of mobile phones and parts tumbled 25.9 percent on-year to US$1.5 billion last month, extending their losing streak to 11 months running.

By region, shipments to China and Hong Kong jumped 34.1 percent on-year in February, with exports to the European Union and Vietnam rising 37.9 percent and 27 percent, respectively. Exports to the United States tumbled 17 percent due to decreased shipments of mobile phones.

By Alex Lee and newswires (alexlee@heraldcorp.com)