ICT Exports Surpass $40 Billion for the First Time in March... Semiconductor Exports Reach $30 Billion

Record-High Exports Driven by AI and Semiconductors
ICT Share Surpasses Half of Total Exports
Triple-Digit Growth in Semiconductors and Computers

Last month, Korea's ICT exports surpassed $40 billion (approximately 59.2 trillion won) for the first time ever. This historic achievement was driven by increased demand for semiconductors, including memory chips, fueled by the artificial intelligence (AI) boom. Semiconductor exports alone reached $30 billion as a single category.

The Ministry of Science and ICT and the Ministry of Trade, Industry and Energy announced these details in their report on ICT export and import trends for the month of March, released on the 15th.

Specifically, ICT exports last month reached $43.51 billion, a 112% increase compared to the same period last year ($20.52 billion). Imports totaled $16.15 billion, up 32.2% from the same month last year ($12.21 billion). The trade balance for last month posted a surplus of $27.36 billion.

Despite the ongoing war in the Middle East, ICT exports continued to grow for the 14th consecutive month, surpassing the $40 billion mark for the first time. As a result, the trade balance set a new record for the largest surplus, following the previous record in February.

The share of ICT exports in Korea's total exports also increased significantly. ICT accounted for 50.5% of the country's total exports ($86.13 billion), exceeding half for the first time since September 2000 (50.7%).

By category, exports of semiconductors (151.4%), mobile phones (57.0%), and computers and peripherals (174.1%) all recorded double-digit or higher growth rates last month. In contrast, exports of displays (-9.3%) and telecommunications equipment (-5.8%) declined.

Semiconductor exports surpassed $30 billion for the first time, driven by strong demand for memory chips due to global AI server investments and increased shipments at the end of the quarter. Mobile phone exports rose due to a surge in finished product shipments resulting from strong sales of high-end new models and growing demand for high-value components. Computer and peripheral exports reached $3 billion for the first time ever, with robust demand for server solid-state drives (SSD) and rising SSD prices leading to triple-digit growth.

On the other hand, display exports were affected by a decrease in OLED exports due to sluggish downstream demand. Telecommunications equipment exports also fell as demand for equipment for vehicles from the United States declined due to expanded local production.

By region, ICT exports increased to all major markets last month: the United States (189.0%), China and Hong Kong (141.0%), the European Union (EU, 89.9%), Taiwan (82.0%), Vietnam (48.0%), India (45.6%), and Japan (33.9%).

During the same period, imports of most major items also increased, including semiconductors (35.3%), displays (7.7%), mobile phones (including parts, 74.8%), and computers and peripherals (47.4%), resulting in a 32.2% year-on-year increase from $12.21 billion.

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