The Korea Herald


ICT exports up 8.1% in Dec. on higher chip demand

By Yonhap

Published : Jan. 16, 2024 - 11:12

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This file photo taken Jan. 1, 2024, shows a port in the southeastern city of Busan. (Yonhap) This file photo taken Jan. 1, 2024, shows a port in the southeastern city of Busan. (Yonhap)

South Korea's exports of information and communication technology products rose 8.1 percent in December from a year earlier mainly thanks to a recovery in global chip demand, government data showed Tuesday.

Outbound shipments of ICT products came to $18.3 billion last month, compared with $16.9 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

The December tally marked the highest monthly figure for 2023 and the second consecutive month of on-year gains.

The country's ICT imports in December retreated 7.2 percent on-year to $10.9 billion, resulting in a trade surplus of $7.3 billion in the sector.

Chip exports hit a monthly high of $11.1 billion for last year, up 19.3 percent on-year, as sales of memory chips sharply increased by 57.5 percent.

It was the second straight month the chip export tally posted a double digit increase.

The recovery is attributable to a rise in the average quarterly price of 8-gigabit DRAM for the third consecutive month following a continued decrease since the third quarter of 2021, according to the ministry.

Overseas sales of displays climbed 7.3 percent to $1.7 billion, continuing their winning streak for the fifth consecutive month, thanks to increased demand for mobile OLED screens and liquid crystal displays.

But outbound shipments of mobile phones edged down 1 percent to $940 million.

Exports of computers and communications equipment also dropped 29.6 percent and 25.5 percent to $820 million and $190 million, respectively.

By nation, combined shipments to China and Hong Kong advanced 16.3 percent on-year to $7.9 billion, logging a gain for the second consecutive month.

Exports to Vietnam rose 4.3 percent to $2.9 billion on higher demand for mobile displays, and exports to the United States increased 2.5 percent to $2.6 million with stronger demand for semiconductors, rechargeable batteries and mobile phones.

Exports to the European Union and Japan, however, fell 8 percent and 2.7 percent to $940 million and $320 million, respectively. (Yonhap)