May ICT Exports Down 2.6%... Display and Mobile Phones Hit Hard

[Asia Economy Reporter Seulgi Na Cho] ICT export value in May decreased by 2.6% compared to the same month last year. The decline in exports of displays and mobile phones exceeded 20%.

According to the 'May ICT Export-Import Statistics (Provisional)' announced by the Ministry of Science and ICT on the 14th, the export value in May was provisionally estimated at $13.93 billion. Imports for the same month decreased by 7.8% to $8.92 billion, and the trade balance was provisionally estimated at a surplus of $5.01 billion.

By item, exports of displays (21.2%↓) and mobile phones (21.5%↓) saw significant declines. This was due to reduced demand for OLED panels and smartphones, respectively. On the other hand, exports of semiconductors and computers and peripherals increased. Semiconductor exports in May recorded $8.15 billion, up 6.5% compared to the same month last year. The export growth rates for computers and peripherals and SSDs reached 73% and 160.2%, respectively.

Exports by country were $7.27 billion to China, $1.74 billion to the United States, $1.71 billion to Vietnam, $850 million to the European Union (EU), and $300 million to Japan, in that order.

Looking at import items, imports of mobile phones (6.5%↑) and computers and peripherals (34.2%↑) increased, while imports of semiconductors (14.8%↓) and displays (11.9%↓) decreased.

This content was produced with the assistance of AI translation services.