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Chips boost ICT exports to new high in Aug.

11:00 September 14, 2021

SEOUL, Sept. 14 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products reached a record high last month, data showed Tuesday, on the back of continued robust global demand for chips and displays.

Outbound shipments of ICT products stood at US$20.27 billion last month, up 33.2 percent from a year earlier, according to the data from the Ministry of Science and ICT.

The figure is a new high after hitting $20.17 billion in 2018 and tops the $20 billion mark for the first time since October 2018.

Imports last month reached $11.38 billion, up 23.7 percent from a year earlier, resulting in a trade surplus of $8.89 billion.

Cargo containers are stacked at a port in Busan, 453 kilometers southeast of Seoul, in this file photo taken on Aug. 2, 2021. (Yonhap)

South Korea's ICT exports were buoyed by strong demand for semiconductors, with chip shipments jumping 42.2 percent on-year to $11.79 billion.

The ministry said continued demand for mobile devices and computers led exports of memory chips to increase 51.2 percent to $7.67 billion over the cited period, while logic chip shipments grew 31.2 percent to a record high of $3.56 billion.

Display exports rose 22.4 percent to $2.21 billion thanks to increased demand for organic light-emitting diodes (OLED) used in smartphones. OLED exports increased 47.3 percent on-year to $1.4 billion.

By destination, shipments to China, South Korea's largest trading partner, rose 36.3 percent on-year to $9.67 billion thanks to demand across the board, extending gains for the 12th straight month.

Exports to Vietnam increased 18.2 percent to $3.26 billion, while those to the United States gained 41.7 percent to $2.46 billion.

South Korea's outbound shipments in August grew 35 percent on-year to $53.2 billion, underpinning recovery momentum in Asia's fourth-largest economy.



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