ICT Exports in the First Half Reach 103.04 Billion USD... Second Highest Ever

Driven by global economic recovery and accelerated digital transformation after COVID-19... 21.5% increase compared to the previous year

Recent Semiannual ICT Export Amounts (*Unit: 100 million USD, Source: Ministry of Trade, Industry and Energy)

[Sejong=Asia Economy Reporter Kwon Haeyoung] Thanks to the global economic recovery and accelerated digital transformation, South Korea's information and communication technology (ICT) exports in the first half of this year reached $103.04 billion, marking the second-highest performance ever recorded for the first half of a year. This represents an increase of 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 14th that ICT exports in the first half of this year amounted to $103.04 billion, while imports totaled $62.75 billion. This is the second-largest export performance for the first half of a year, following $106.95 billion in the first half of 2018. Compared to the same period last year, it increased by 21.5%. The trade balance recorded a surplus of $40.29 billion.

By major item, semiconductor exports reached $57.51 billion, up 21.3% from the same period last year. The semiconductor sector led ICT exports due to rising prices of DRAM and NAND flash, increased demand for smartphones and PCs, and record-high exports of system semiconductors.

Display exports increased by 38% to $10.78 billion, driven by rising prices of liquid crystal displays (LCD) and expanded demand for organic light-emitting diodes (OLED). Mobile phones recorded $6.47 billion, up 33.3%, supported by increased demand for premium finished smartphones, while computers and peripherals achieved a record-high export performance of $7.31 billion, up 6.2%.

By region, exports to China reached $48.67 billion, up 18.8% from the same period last year. Exports to the United States ($12.75 billion) and the European Union ($6.19 billion) increased by 20.1% and 28%, respectively. Exports to Vietnam ($15.05 billion) and Japan ($2.09 billion) rose by 20.2% and 3.5%, respectively.

The trade surplus in the first half of the year was $40.29 billion, contributing to the overall surplus of $18.12 billion.

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