Last Month's ICT Export Value Hits Record High for February... Double-Digit Growth for 11 Consecutive Months

February ICT Exports Reach $18.88 Billion, Up 23.7% YoY
Trade Surplus at $7.49 Billion Driven by Semiconductors and Displays
Computer and Peripheral Exports Also Strong... Mobile Phones 'Pause'

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Lee Jun-hyung] Last month, information and communication technology (ICT) exports reached a record high for February at $18.88 billion. The ICT sector trade balance recorded a surplus of $7.49 billion.

The Ministry of Trade, Industry and Energy announced on the 14th that last month's ICT export amount was provisionally estimated at $18.88 billion. This figure represents a 23.7% increase compared to the same month last year ($15.26 billion), marking the highest ICT export amount ever recorded in February. ICT exports have maintained double-digit growth for 11 consecutive months since April last year. The average daily export amount last month was $940 million, setting a new record for February.

Last month's ICT imports amounted to $11.39 billion, a 23.9% increase compared to the same month last year. The trade balance, calculated by subtracting imports from exports, showed a surplus of $7.49 billion. Despite export uncertainties caused by the prolonged COVID-19 Omicron variant and the Ukraine crisis, the trade balance increased by $1.43 billion compared to the same period last year.

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

The record-breaking ICT exports in February were driven by key items such as semiconductors, displays, and computers/peripherals. In particular, semiconductor exports increased by 24% year-on-year to $10.46 billion, surpassing $10 billion for 10 consecutive months since May last year. Specifically, memory semiconductors continued double-digit growth for 11 consecutive months, supported by new smartphone launches. System semiconductors maintained favorable foundry market conditions, exceeding $3 billion for 10 consecutive months and recording a growth rate of 30-50% for 11 consecutive months.

Display exports reached $2.25 billion, a 39.3% increase compared to the same period last year. Organic Light Emitting Diode (OLED) exports, considered next-generation displays, rose 56.3% year-on-year to $1.31 billion. Computer and peripheral exports also increased by 47.8% to $1.58 billion.

Contrary to the rising trend of key items, mobile phone exports decreased by 4.9% to $980 million. However, exports of mobile phone parts increased by 18.4% year-on-year, reducing the decline compared to the previous month (12.9%).

Trends in Information and Communication Technology (ICT) exports of major countries.
[Photo by Ministry of Trade, Industry and Energy]

By country, last month's ICT exports to China reached $8.47 billion, increasing for 18 consecutive months since September 2020. Major items such as semiconductors ($5.89 billion), displays ($920 million), and mobile phones ($570 million) all maintained strong performance. Additionally, exports to the United States (14.5%), Vietnam (34%), the European Union (31%), and Japan (8.8%) all showed growth. The export amounts by country were ranked as follows: China, Vietnam ($3.09 billion), the United States ($2.08 billion), the EU ($1.22 billion), and Japan ($330 million).

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