This file photo taken Sept. 1, 2023, shows containers at a pier in South Korea’s southeastern port city of Busan. (Image courtesy of Yonhap News)
SEOUL, Sept. 14 (Korea Bizwire) — South Korea’s exports of information and communication technology (ICT) products extended their losing streak to 14 months in August but fell at the slowest clip in about 10 months, government data showed Thursday.
Outbound shipments of ICT products came to US$16.1 billion last month, down 16.7 percent from $14.6 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 August retreated 18.1 percent on-year to $11.1 billion, resulting in a trade surplus of $5 billion in the sector.
Exports of semiconductors, which accounted for nearly half of all ICT shipments, tumbled 21.1 percent on-year to $7.5 billion due to falling DRAM prices in the global market.
Prices of 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 12.2 percent and 47.7 percent to $990 million and $660 million, respectively.
Exports of displays, however, rose 1.8 percent on-year to $2.1 billion, marking the first turnaround in 15 months thanks to increased demand for mobile OLED screens.
By nation, combined shipments to China and Hong Kong tumbled 20.6 percent on-year to $6.6 billion.
Exports to the United States and the European Union sank 29.5 percent and 20 percent, respectively, while those to Vietnam rebounded to 1.7 percent.
(Yonhap)
