South Korea’s ICT sector continued its strong export performance in July, marking the ninth consecutive month of growth.
ICT product shipments surged 32.8 percent year-on-year to reach $19.4 billion in July, according to the Ministry of Trade, Industry and Energy.
This growth was fueled by robust demand in several key sectors. Semiconductor exports skyrocketed by 49.0 percent to $11.23 billion, boosted by the increasing demand for AI chips and a rebound in the IT hardware market.
Mobile phone shipments soared 69.4 percent to $1.23 billion, while computer and peripheral exports jumped 51.1 percent to $1.31 billion, Xinhua News Agency reported.
Read more: South Korea’s automotive exports down 9.1 percent, still hit $5.4 billion in July 2024
While display panels saw a modest increase of 2.0 percent to $1.93 billion, communications equipment exports dipped 2.4 percent to $190 million.
Despite the slight decline in communications equipment, the overall ICT industry trade surplus remained robust at $7.28 billion, as imports rose 6.0 percent to $12.1 billion.
Data showed earlier this month that South Korea’s exports extended annual gains for the tenth straight month in July on greater semiconductor sales and shipments. The Ministry of Trade, Industry and Energy revealed on Thursday that South Korea’s outbound shipments rose 13.9 percent year-on-year to $57.4 billion last month after a 5.1 percent rise in June, marking the fastest growth since January.
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