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ICT exports up 14% in May on solid demand for chips, displays

Containers are stacked up for outbound shipments at Gamman Pier in Busan on Jan 21. According to provisional tallies by customs authorities, the country's exports came in at $34.4 billion during the first 20 days of the year, up 22 percent from a year before. (Yonhap)
Containers are stacked up for outbound shipments at Gamman Pier in Busan on Jan 21. According to provisional tallies by customs authorities, the country's exports came in at $34.4 billion during the first 20 days of the year, up 22 percent from a year before. (Yonhap)

South Korea's exports of information and communication technology (ICT) products rose 13.9 percent in May from a year earlier on brisk overseas demand for chips and displays, data showed Tuesday.

Outbound shipments of ICT products came to $20.2 billion last month, up from $17.73 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

It marked the highest-ever tally for May since the government began compiling related data in 1996. The country has seen double-digit growth in ICT exports since April last year.

ICT imports grew 19.8 percent on-year to $12.61 billion last month, resulting in a trade surplus of $7.59 billion in the sector, the data showed.

Solid demand for chips and displays, South Korea's key export items, boosted ICT exports last month.

Exports of semiconductors advanced 14.9 percent on-year to $11.61 billion in May, exceeding the $10 billion mark for the 13th straight month. It is also the highest figure for any May.

Outbound shipments of displays went up 2.4 percent on-year to $1.82 billion, helped by high demand for organic light emitting diode displays.

Exports of mobile phones inched up 1 percent to $1.05 billion, and those of computers and peripheral devices jumped 32.8 percent to $1.77 billion.

By nation, shipments to China, South Korea's largest trading partner, and Hong Kong combined rose 1.5 percent on-year to $8.79 billion despite the lockdown of Shanghai and other major cities over the COVID-19 pandemic.

Exports to Vietnam expanded 15.4 percent to $2.75 billion, and those to the United States and the European Union jumped 20.8 percent and 26.1 percent, respectively.

In May, South Korea's exports rose 21.3 percent to $61.52 billion on the back of brisk demand for chips and petroleum products, though it suffered a trade deficit due to high global energy prices, government data showed. (Yonhap)

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