ICT exports rise for 20 consecutive months... Semiconductor and Display 'Double Pull'

ICT exports reached $19.65 billion last month, the highest ever for January
Semiconductor and display exports continue to rise... Mobile phones slow down

Decrease in Working Days During Lunar New Year Holiday Leads to 12.6% Drop in Exports from February 1 to 10
(Busan=Yonhap News) Reporter Kang Deok-cheol = On the morning of the 11th, container unloading operations are underway at Sinsundae Pier, Busan Port. The Korea Customs Service announced on the 11th that export value (provisional customs clearance basis) from February 1 to 10 was 15.7 billion dollars, down 12.6% compared to the same period last year. The number of working days during this period was 6.5 days, two days fewer than last year. Last year, the Lunar New Year holiday was from February 11 to 13, but this year it was about ten days earlier. Considering the number of working days, the average daily export value increased by 14.2%. 2022.2.11
kangdcc@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Junhyung] Thanks to the performance of semiconductors and displays, last month's information and communication technology (ICT) export amount recorded an all-time high for January at $19.65 billion.

The Ministry of Trade, Industry and Energy announced on the 14th that last month's ICT export amount was tentatively estimated at $19.65 billion, a 20.7% increase compared to the same period last year ($16.28 billion). This is the largest ICT export amount for January ever and marks 20 consecutive months of growth. The highest daily average export amount for January was also broken. Last month's daily average ICT export amount was $890 million, a 23.4% increase from the same period last year ($720 million).

Last month's ICT import amount was $12.32 billion, up 14.4% from the same period last year ($10.77 billion). The trade balance, calculated by subtracting imports from exports, resulted in a surplus of $7.33 billion. This contrasts with the overall trade balance last month, which recorded a deficit due to the spread of the COVID-19 Omicron variant and supply chain disruptions. The share of ICT exports in total exports ($55.32 billion) was 35.5%.

By major item, the export growth of semiconductors and displays was prominent. Semiconductor exports, which accounted for 55.4% of total ICT exports, amounted to $10.89 billion, a 24.1% increase compared to the same period last year. Semiconductor exports have exceeded $10 billion for nine consecutive months since May last year, and the growth trend has continued for 19 consecutive months. Display exports increased by 13.3% compared to the same period last year to $2.35 billion, marking 17 consecutive months of growth. This is due to the steady increase in demand for organic light-emitting diodes (OLEDs). Last month's OLED export amount recorded $1.4 billion, a 14.4% increase from the same period last year.

Semiconductor export status. [Photo by Ministry of Trade, Industry and Energy]

On the other hand, mobile phone exports decreased by 12.9% to $1.04 billion. Although there was an increasing trend for six months from July last year, it turned to a decrease this month. This is interpreted as a result of reduced demand for existing products due to the scheduled launch of new premium mobile phones. Computer and peripheral exports continued their upward trend for 11 consecutive months, reaching $1.53 billion. In particular, SSD (solid-state drive) exports increased by 71.7% compared to the same period last year to $1.2 billion, marking nine consecutive months of growth since May last year.

By country, last month's ICT exports to China amounted to $9.2 billion, increasing for 17 consecutive months since September 2020. Exports of major items such as semiconductors ($6.28 billion), displays ($990 million), and mobile phones ($700 million) all increased. ICT exports to major countries such as the United States, Vietnam, the European Union (EU), and Japan also continued to grow. The export amounts by country were in the order of China, Vietnam ($3.32 billion), the United States ($2.06 billion), the EU ($1.05 billion), and Japan ($340 million).

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