"Thank You Semiconductor" Q1 ICT Exports Reach $49 Billion... 2nd Highest Ever

Ministry of Trade, Industry and Energy Announces March ICT Export Value... Up 13.6% Year-on-Year

[Sejong=Asia Economy Reporter Kwon Haeyoung] Despite the spread of COVID-19, South Korea's information and communication technology (ICT) export value in the first quarter of this year reached $48.96 billion, marking the second highest performance among all first quarters on record. This represents an increase of more than 13.6% compared to the same period last year. Exports of major items such as semiconductors, displays, and mobile phones all increased, driving South Korea's exports.

The Ministry of Trade, Industry and Energy announced on the 14th that ICT exports in March this year amounted to $17.41 billion, while imports were $10.93 billion. This is the second largest March export figure on record, following $18.94 billion in March 2018. Compared to the same period last year, exports increased by 8.9%, maintaining an upward trend for 10 consecutive months. The trade balance was preliminarily estimated at a surplus of $6.49 billion.

From January to March this year, ICT exports achieved the second highest export value for the same month for three consecutive months, resulting in a total export value of $48.96 billion in the first quarter.

By major item, semiconductor exports in the past month reached $9.57 billion, up 7.9% compared to the same period last year. Strong demand led to increases of 8.2% and 9.3% in memory and system semiconductors respectively, marking nine consecutive months of growth. Display exports rose 2.9% to $1.69 billion, driven by increased exports of organic light-emitting diode (OLED) and related parts due to mobile demand. Mobile phones recorded $1.1 billion, with parts such as camera modules increasing by 25.4%. Computers and peripherals saw a turnaround to growth centered on auxiliary storage devices, achieving export performance of $1.31 billion.

By region, exports to China amounted to $8.22 billion, up 7.7% compared to the same period last year. The United States ($2.06 billion) and the European Union ($1.11 billion) increased by 7.7% and 4.1%, respectively. Conversely, exports to Vietnam ($2.35 billion) and Japan ($4.1 billion) decreased by 3.8% and 1.8%, respectively.

The trade balance for last month was preliminarily estimated at a surplus of $6.49 billion. China (including Hong Kong), the largest surplus country, maintained a surplus of $4.51 billion, Vietnam $1.34 billion, and the European Union $540 million. On the other hand, the trade deficit with Japan was recorded at $600 million.