ICT exports recover to $20 billion in 3 months... Semiconductor sector declines

ICT Exports Last Month at $20.86 Billion... Down 2.2% YoY
Imports at $12.93 Billion... Trade Surplus of $7.94 Billion

Busy Busan Port
(Busan=Yonhap News) Photo by Kang Deok-cheol = On the 11th, container unloading operations are underway at Sinsundae Pier and Gammam Pier in Busan Port. Exports have decreased by more than 20% compared to a year ago as of October 10. According to the Korea Customs Service on the 11th, the export amount (provisional customs clearance basis) from the 1st to the 10th of this month was $11.797 billion, down 20.2% from the same period last year. During this period, the trade balance recorded a deficit of $3.825 billion, which is larger than the deficit of $2.834 billion during the same period last year. 2022.10.11
kangdcc@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Junhyung] Information and Communication Technology (ICT) exports recovered to the $20 billion level for the first time in three months. However, semiconductor exports continued to decline.

According to the Ministry of Trade, Industry and Energy on the 14th, ICT exports last month were recorded at $20.86 billion. After reaching $20.6 billion in June this year, ICT exports fell below $20 billion for two consecutive months. Last month, ICT exports accounted for 36.3% of total exports ($57.46 billion).

ICT imports last month were $12.93 billion. As a result, the ICT trade surplus was $7.94 billion. The average daily ICT export value was $970 million, a 4.5% decrease compared to the same month last year ($1.02 billion).

Trends in Information and Communication Technology (ICT) export value and export growth rate.
[Photo by Ministry of Trade, Industry and Energy]

ICT exports have been declining for three consecutive months. Following July (-0.9%) and August (-4.6%) this year, last month also saw a 2.2% decrease compared to the same month last year. This was largely due to decreased exports of major ICT items such as semiconductors and displays. Semiconductor exports last month were $11.67 billion, down 4.6% over the past year. Display exports also fell 18.6% compared to the same period last year, totaling $1.98 billion.

However, mobile phone exports turned to an upward trend. Last month, mobile phone exports were $1.46 billion, a 21.2% increase compared to the same period last year. Compared to August this year ($1.14 billion), it increased by $320 million. A Ministry of Trade official explained, "Exports to India and Japan significantly increased due to domestic companies launching new premium phones," adding, "Exports of high value-added mobile phone parts such as camera modules also expanded." In fact, mobile phone exports to India and Japan surged by 43.2% and 130.3%, respectively, compared to the same month last year.

Trends in semiconductor export value and export growth rate.
[Photo by Ministry of Trade, Industry and Energy]

By region, ICT exports increased in the United States and Japan among the five major countries. In particular, last month’s ICT exports to the U.S. were $2.68 billion, turning to an upward trend after three months, supported by semiconductors (13.6%) and secondary batteries (66%). ICT exports to Japan were $440 million, an 18.2% increase compared to the same period last year.

However, ICT exports to China, Vietnam, and the European Union (EU) decreased. Last month, ICT exports to China were $9.65 billion, down 4.7% compared to the same month last year. This is attributed to continued factory shutdowns and domestic demand stagnation caused by lockdowns in the Shanghai area in the first half of this year. Exports to Vietnam and the EU decreased by 15.1% and 0.9%, respectively.

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