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ICT exports hit fresh monthly high in September

11:00 October 13, 2021

SEOUL, Oct. 13 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products reached an all-time high in September on the back of solid global demand for chips and displays, data showed Wednesday.

Outbound shipments of ICT products came to US$21.34 billion last month, up 21.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy.

The September figure marked an all-time high since the government began compiling the data in 1996, and the largest for any September after reaching $20.27 billion in 2018.

Imports stood at $11.37 billion last month, up 18.8 percent from the previous year, resulting in a trade surplus of $9.97 billion, the data showed.

Chips and displays boosted the country's ICT exports, with semiconductor shipments surging 27.4 percent on-year to $12.23 billion, topping the $10 billion mark for the fifth consecutive month.

Robust demand led exports of memory chips to rise 28.6 percent to $7.95 billion, and non-memory chips to jump 31.7 percent to a record high of $3.75 billion during the cited period.

Display exports also increased 15.7 percent on-year to $2.44 billion thanks to strong demand for organic light-emitting diodes (OLED) used in smartphones and televisions, according to the data.

By destination, shipments to China, South Korea's largest trading partner, rose 24 percent on-year to $10.12 billion thanks to demand across the board. Chip exports to the country rose 27.7 percent to $7.39 billion, and display shipments went up 5.5 percent to $900 million.

Exports to Vietnam also marked a 15.3 percent increase to $3.59 billion, with those to the United States advancing 27.2 percent to $2.58 billion and those to the European Union rising 11.2 percent to $1.09 billion, the data showed.

South Korea's total exports in September jumped 16.7 percent on-year to a record $55.8 billion, extending their gains to 11 consecutive months on strong auto and chip sales amid the global economic recovery and the transition to digital.

This file photo taken on Sept. 1, 2021, shows vessels carrying cargo containers docked at a port in the southern city of Busan. (Yonhap)



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