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ICT exports log 2nd monthly high in October

11:00 November 11, 2021

SEOUL, Nov. 11 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products reached a second monthly high in October on the back of solid global demand for chips and displays, data showed Thursday.

Outbound shipments of ICT products came to US$19.92 billion last month, up 21.5 percent from a year earlier, according to the data from the from the Ministry of Science and ICT.

The October tally marked the second-largest amount for the month on record and the 17th consecutive month of on-year gains since June last year.

Imports stood at $12.11 billion last month, up 18.5 percent from the previous year, resulting in a trade surplus of $7.81 billion, the data showed.

Cargo containers are stacked at a port in Busan, 453 kilometers southeast of Seoul, on June 1, 2021, in this file photo. (Yonhap)

Chips and displays boosted the country's ICT exports, with semiconductor shipments surging 28.4 percent on-year to $11.23 billion, topping the $10 billion mark for the sixth consecutive month.

Exports of memory chips rose 28.1 percent on-year to $6.95 billion, and non-memory chips hiked 32.3 percent to $3.73 billion over the cited period.

Display exports also increased 5.8 percent on-year to $2.24 billion thanks to strong demand for organic light-emitting diodes used in smartphones and televisions, according to the data.

By destination, shipments to China, South Korea's largest trading partner, rose 25.2 percent on-year to $9.32 billion thanks to demand across the board. Chip exports to the country rose 27.8 percent to $6.54 billion, and display shipments went up 9.2 percent to $870 million.

Exports to Vietnam also marked a 10.9 percent increase to $3.25 billion, with those to the United States advancing 29 percent to $2.38 billion and those to the European Union rising 6 percent to $1.01 billion, the data showed.

South Korea's total exports in October jumped 23.9 percent from a year earlier to a record $55.5 billion, extending their gains to 12 consecutive months on strong auto and chip sales.



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