Semiconductor Exports Surge on AI Demand... October ICT Exports Hit All-Time High

Despite Fewer Working Days, Exports Rise for Nine Consecutive Months

Last month, despite a decrease in the number of working days, South Korea's information and communication technology (ICT) exports reached a record high for October, driven by booming demand for artificial intelligence (AI) and continued strong performance in the semiconductor sector.

According to the "ICT Export and Import Trends for October" released by the Ministry of Science and ICT on November 13, ICT exports totaled $23.33 billion, up 12.2% from the same month last year. Even though there were two fewer working days compared to last year and ongoing global trade uncertainties, exports have increased for nine consecutive months.

Semiconductors, in particular, led the overall trend. Semiconductor exports in October reached $15.74 billion, jumping 25.4% and marking eight consecutive months of double-digit growth. The main factors were the recovery in DRAM and NAND prices and a significant increase in demand for high-value memory used in AI servers.

Mobile phone exports saw a mixed performance. Thanks to strong sales of Samsung Electronics' new products in the second half of the year (such as foldable phones), exports of finished products increased. However, exports of components to China, where global manufacturers like Apple have concentrated their production facilities, declined, resulting in an overall 11.8% decrease in mobile phone exports.

Exports of telecommunications equipment rose by 2.5%, driven by increased demand for base station equipment in Vietnam and India.

By region, exports to Taiwan stood out. Amid robust production by TSMC, ICT exports to Taiwan surged 60% year-on-year to $4.28 billion. High-value memory products such as DDR5 and high-bandwidth memory (HBM) (exports totaling $3.2 billion, up 60%) led this growth.

ICT imports in October decreased by 2.9% to $12.96 billion, resulting in a trade surplus of $10.37 billion. While imports of some items such as mobile phones and displays declined, imports of GPUs (graphics processing units) soared by 725.9% year-on-year, reflecting the strengthening of AI infrastructure.

This content was produced with the assistance of AI translation services.