January ICT Exports Show 'Positive Trend' Despite COVID-19... $16.3 Billion, Second Highest Ever

20% Increase Year-on-Year... Export Values of Key Items Including Semiconductors, Displays, and Mobile Phones All Rise

[Sejong=Asia Economy Reporter Kwon Haeyoung] Despite the spread of COVID-19, South Korea's information and communication technology (ICT) export value last month achieved the second highest January export value ever recorded. It also increased by more than 20% compared to the same period last year. Exports of major items such as semiconductors, displays, and mobile phones all increased, driving South Korea's exports.

The Ministry of Trade, Industry and Energy announced on the 10th that ICT exports in January this year amounted to $16.3 billion, while imports were $10.74 billion. This is the second largest January export performance ever, following $17.69 billion in January 2018. Compared to the same period last year, it increased by 21.7%, maintaining an upward trend for eight consecutive months. The trade balance was preliminarily estimated at a surplus of $5.55 billion.

By major item, semiconductor exports reached $8.78 billion, up 20.5% compared to the same period last year. Continued demand expansion led to memory and system semiconductors increasing by 24.9% and 16%, respectively, marking seven consecutive months of growth. Display exports rose 32.1% to $2.07 billion due to the rise in liquid crystal display (LCD) prices and increased organic light-emitting diode (OLED) exports driven by mobile demand. Mobile phone exports also increased by 76.3% year-on-year to $1.2 billion, marking three consecutive months of growth, supported by the effect of new smartphone releases, with finished products exported to the United States and parts exported to China. Computers and peripherals recorded $990 million, up 2.6%, centered on solid-state drives (SSD), continuing a 16-month growth trend.

By region, exports to China amounted to $7.41 billion, up 23.7% year-on-year. Vietnam ($2.95 billion), the United States ($1.9 billion), and the European Union ($900 million) also increased by 18.9%, 23.9%, and 10%, respectively. Japan recorded $340 million, up 4.2% during the same period.

Last month's trade balance was preliminarily estimated at a surplus of $5.55 billion. China (including Hong Kong), the largest surplus country, maintained a surplus of $3.48 billion, Vietnam $1.94 billion, the United States $1.15 billion, and the European Union $460 million, while the trade deficit with Japan was recorded at $590 million.

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