South Korea’s exports of information and communication technology (ICT) products fell about 13 percent in September, extending their losing streak to 15 months, government data showed Monday.
Outbound shipments of ICT products came to US$18.1 billion last month, down 13.4 percent from $20.9 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.
It was the slowest on-year drop since October last year, when ICT exports lost ground 10.3 percent from a year prior.
The monthly figure has been on the decline since July last year, but the downside pace has been slowing down after hitting a 35.9 percent decrease in April.
The country’s ICT imports in September retreated 16.8 percent on-year to $10.8 billion, resulting in a trade surplus of $7.3 billion in the sector.
This file photo taken Oct. 11, 2023, shows containers at a pier in South Korea’s southeastern port city of Busan. (Yonhap)
This file photo taken Oct. 11, 2023, shows containers at a pier in South Korea’s sout
heastern port city of Busan. (Yonhap)
Exports of semiconductors, which accounted for about half of all ICT shipments, reached $9.99 billion, the highest figure for this year, though it was down 14.4 percent from a year earlier, thanks to sales of memory and system chips.
Chips exports have shown gradual recovery but the pace is expected to slow due to falling DRAM prices, the ministry said.
Prices of 8-gigabit DRAM slid sharply to $1.30 last month from $2.88 tallied in July last year.
Overseas sales of mobile phones and computers went down 5.2 percent and 48 percent to $1.37 billion and $800 million, respectively.
Exports of displays, however, rose 1 percent on-year to $2 billion, logging growth for the second consecutive month, thanks to increased demand for mobile OLED screens.
By nation, combined shipments to China and Hong Kong tumbled 22 percent on-year to $7.5 billion on decreased semiconductor and display exports amid the sluggish economic recovery of the region.
Exports to the United States and
the European Union sank 18.7 percent and 12.2 percent to $2.2 billion and $950 million, respectively, while exports to Vietnam grew 1.9 percent to $3.1 billion thanks to higher demand for mobile displays.
Source: Yonhap News Agency