South Korea ICT Exports Hit Record High in September

October 14,2024 News —— According to the data released by the Ministry of Science and ICT of South Korea on October 14,in September 2024,the export volume of information and communication technology (ICT) in South Korea reached $22.36 billion,an increase of 36.3% year-on-year.This marks the 11th consecutive month of growth and sets a new second-highest single-month record in the history of the country.

Semiconductor exports hit record high

Data shows semiconductor exports reached $13.63 billion,a record high.Among them,memory semiconductor exports grew 60.7% year-on-year to $8.72 billion,while system semiconductor exports rose 5.2% to $4.37 billion.MSIT analysis indicates increased demand for high-value-added products like HBM (High Bandwidth Memory) as the main driver for memory semiconductor export growth.

Smartphones and peripherals show strong performance

The export value of smartphones increased by 25.1% year-on-year to $1.71 billion,maintaining double-digit growth since March 2024.The export of mobile phone components to destinations such as China and Vietnam increased by 31.2%.In addition,the newly launched foldable phone series performed well in exports,driving the export value of finished mobile phones to maintain double-digit growth for three consecutive months.

For computers and peripherals,SSD exports exceeded $1 billion for two consecutive months,with exports to the U.S.surging 250.5% year-on-year to $740 million.

Significant trade surplus

During the same period,South Koreas ICT imports rose 15.9% to $12.48 billion,resulting in a $9.88 billion ICT trade surplus in September.

Future outlook

South Koreas strong ICT export growth reflects its rising competitiveness in the global high-tech market.With advancing AI technology and sustained demand for related products,South Koreas ICT exports are expected to maintain momentum in coming months.However,global economic conditions and trade policy uncertainties may still impact export growth.