South Korea’s export value for the information and communication technology (ICT) sector surpassed in November 2024 $20 billion for the fourth consecutive month. While the cumulative export value of semiconductors reached a record high in November, fueling growth, the rate of increase appeared to be slowing due to weaker performance in displays and smartphones.
Export trends and year-over-year comparisons
According to the Ministry of Science and ICT‘s report on November’s ICT export and import trends, the export value for last month hit $20.5 billion, maintaining the $20 billion mark for four straight months since August. The year-over-year growth rate was limited to 14.8 percent. This rate, which had been in the 30 percent range from April to July, fell into the 20 percent range from August to October, and dropped to the 10 percent range last month. The total export value through November reached $212.4 billion, reflecting a 26.1 percent increase compared to the same period last year.
Semiconductor exports drive growth
The trend of semiconductors, computers, and peripheral devices propelling exports continued last month. The export value of memory semiconductors soared to $7.96 billion, representing a 52.0 percent increase driven by heightened investment in artificial intelligence (AI) servers that boosted demand for high-bandwidth memory (HBM). The export value of system semiconductors rose by 1.9 percent to $3.96 billion.
Continued double-digit growth in semiconductors
Overall, the export growth rate of semiconductors was 30.3 percent, maintaining double-digit growth for 13 consecutive months. The cumulative export value of semiconductors up to November reached $127.5 billion, establishing a new all-time high. Meanwhile, the export value of computers and peripheral devices skyrocketed by 98.6 percent to $1.15 billion, spurred by increased demand for solid-state drives (SSD) for data center servers.
Challenges in displays and mobile phones
The export value of displays fell by 20.1 percent to $1.67 billion, and the export value of mobile phones decreased by 6.2 percent to $1.45 billion. A decline in demand for components and other contributing factors negatively impacted exports. Additionally, the export value of telecommunications equipment dropped by 3.8 percent to $200 million.
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