April 20, 2024

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Korean exports of information and communications technology products slipped for the third straight month in January mainly due to sluggish overseas sales of semiconductors, government data showed on Feb. 21.

A total of US$14.47 billion worth of ICT products were shipped overseas last month, down 18.2 percent from a year earlier, according to the data by the Ministry of Science and ICT.

ICT exports fell 1.7 percent on-year in November and 10 percent in December.

Exports of semiconductors from Asia’s fourth-largest economy plunged 23.4 percent on-year mainly due to falling global market prices and lower demand.

The ministry said exports of displays decreased 12.7 percent on-year in the one-month period due to increased global competition for LCD panels. Exports of OLED panels, meanwhile, jumped 12.8 percent on-year.

The combined overseas sales of mobile handsets and related parts plunged 30.8 percent last month due to heated competition in the global market.

By region, shipments to China, including Hong Kong, plunged 33.2 percent on-year to US$6.51 billion, the findings showed.

By Ram Garkipati and newswires (ram@heraldcorp.com)