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Korea's exports of ICT products grow for 3rd month

(Yonhap)
(Yonhap)

South Korea‘s exports of information and communication technology products continued to increase for the third consecutive month in August, according to a government report released Tuesday.

The Ministry of Science and ICT report shows the nation‘s exports of ICT products last month reaching $15.24 billion, up by 0.3 percent on-year. The upward trend has been largely contributed to robust exports of memory chips and computers amid the coronavirus pandemic.

Outbound shipments of semiconductor products, the nation‘s key export, marked $8.29 billion, up by 2.6 percent on-year.

Exports of computer products last month went up by 98.2 percent to reach $1.34 billion, backed by swift exports of solid state drives. Outbound shipments of SSD products in August were worth $1.02 billion, a 165.9 percent increase on-year.

South Korea‘s exports of mobile devices, however, fell 33 percent on-year to $700 million. Exports of displays too plunged 17 percent on-year at $1.8 billion last month.

By nations, exports to China, South Korea’s largest ICT trading partner, fell 3.3 percent at $7.1 billion. Outbound shipments to Vietnam and Japan also fell by 2 percent and 16.6 percent, respectively.

Exports to the EU nations fell 1.8 percent at $860 million, as overseas sales of semiconductor products decreased by 9.5 percent.

Outbound shipments to the US, on the other hand, soared 18 percent to $1.75 billion, marking the eighth consecutive month of growth.

Meanwhile, imports of ICT products increased by 4.3 percent to $9.19 billion last month, resulting in a trade surplus of $6.05 billion.

By Shim Woo-hyun (ws@heraldcorp.com)
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