SEOUL: South Korea's exports of information and communication technology (ICT) products jumped 24 percent in December from a year earlier, helped by robust sales of semiconductors, government data showed Tuesday. Outbound shipments of ICT products reached US$22.66 billion last month, compared with $18.25 billion a year earlier, the Ministry of Science and ICT reported in a press release. The country's ICT imports in December stood at $13.32 billion, resulting in a trade surplus of $9.33 billion in the sector.
According to Yonhap News Agency, semiconductor exports increased by 31.1 percent year-on-year to $14.51 billion due to high demand for artificial intelligence-related chips. Exports of computers and communications equipment saw a significant rise of 97.2 percent, amounting to $1.62 billion, while shipments of mobile phones increased by 19.3 percent to $1.12 billion. However, shipments of display panels fell 1.2 percent to $1.69 billion, attributed to slowing demand for TVs and personal computers.
By nation, combined shipments to China and Hong Kong climbed 13.4 percent year-on-year to $8.91 billion, driven by increased sales of chips, displays, and mobile phones. Exports to Vietnam and Japan rose by 2.7 percent and 14.3 percent, reaching $3.02 billion and $360 million, respectively. Shipments to the United States surged 41.3 percent year-on-year to $3.59 billion, while shipments to the European Union declined by 3.9 percent to $910 million.
For the entirety of 2024, ICT exports rose by 25.9 percent year-on-year to $235 billion, while ICT imports increased by 4.9 percent to $143.2 billion, resulting in a trade surplus of $91.8 billion, the ministry stated.