April 20, 2024

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South Korean exports of information and communications technology products slipped for the fourth straight month in February, mainly due to sluggish overseas demand for semiconductors, government data showed on March 21.

A total of $12.7 billion worth of ICT products was shipped overseas last month, down a sharp 19 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, 10 percent in December and 18.3 percent in January.

Exports of semiconductors from Asia’s fourth-largest economy plunged 24.9 percent on-year, mainly due to falling global market prices and lower demand, the findings showed.

The ministry said exports of displays decreased 17.2 percent on-year in the one-month period due to increased global competition.

The combined overseas sales of mobile handsets and related parts also fell 13.4 percent last month due to heated competition in the global market.

By region, shipments to China, including Hong Kong, plunged 30.4 percent on-year, the latest numbers showed.

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