According to Yonhap News,
South Korea's exports of information and communication technology (ICT) products jumped 25.1 percent in January from a year earlier mainly thanks to a recovery in global chip demand, government data showed Thursday.
Outbound shipments of ICT products came to US$16.4 billion last month, compared with $13.1 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.
The January tally marked the third consecutive month of an on-year gain and the first double-digit increase since May 2022.
The country's ICT imports in December retreated 3.2 percent on-year to $11.9 billion, resulting in a trade surplus of $4.5 billion in the sector.
Chip exports shot up 53 percent on-year to $9.4 billion in January as sales of memory chips sharply increased by 90.5 percent.
It was the third straight month the chip export tally posted a double-digit increase.
The recovery is attributable to a rise in the average quarterly price of 8-gigabit DRAM for the fourth consecutive month following a continued decrease since the third quarter of 2021, according to the ministry.
Overseas sales of displays inched up 2.6 percent to $1.5 billion, continuing their winning streak for the sixth consecutive month, thanks to increased demand for panels for televisions and laptops.
Exports of computers and communications equipment also increased 33.6 percent and 27.6 percent to $840 million and $200 million, respectively.
But outbound shipments of mobile phones retreated 20.1 percent to $1.1 billion.
By nation, combined shipments to China and Hong Kong jumped 43.1 percent on-year to $7.5 billion, logging a gain for the third consecutive month.
Exports to Vietnam advanced 11.6 percent to $2.5 billion on higher demand for semiconductors and cellphones, and exports to the United States increased 4.9 percent to $1.8 billion with stronger demand for semiconductors and computers.
Exports to the European Union and Japan also rose 1.9 percent and 1.5 percent to $900 million and $310 million, respectively.
nyway@yna.co.kr
Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.
Source: Yonhap News (February 15, 2024)