The Ministry of Trade, Industry, and Energy announced on March 15 that outbound shipments of Korea’s information and communications technology (ICT) goods in February reached an all-time high of USD 18.9 billion, recording a year-on-year growth of 23.7 percent. korea it

Imports of ICT products climbed 23.9 percent to $11.4 billion, and the trade surplus in this sector stands at an estimated $7.5 billion.

Exports of all major items experienced growth except for mobile phones.

Outbound shipments of semiconductors went up 24.0 percent to $10.5 billion. Both memory chips (up 21.4 percent to $6.3 billion) and system chips (up 33.9 percent to $3.6 billion) increased.

Displays gained 39.3 percent to $2.3 billion. Liquid-crystal display (LCD) had been on a decline during H2 of 2021, but now has switched over to a positive streak, posting growth for two consecutive months in 2022. Organic light-emitting diode (OLED) panel demand has shown a continued boost for 18 consecutive months since September 2020, its recent surge from OLED TVs and mobile phones. As for LCD panels, their panel unit price maintained their descent.

Mobile phones shipped overseas experienced a 4.9 percent drop down to $980 million. Finished products (down 37.0 percent to $270 million) suffered a double-digit fall as new premium phone releases eclipsed the existing smartphone demand. Mobile phone parts (up 18.4 percent to $710 million) achieved growth as demand for high-value-added parts kept expanding. korea it

Computers and peripheral devices jumped 47.8 percent to $1.6 billion. Specifically, computers plunged 49.2 percent to $80 million, but peripheral devices (up 63.8 percent to $1.5 billion) led the overall positive growth, with solid-state drives (SSDs) leaping 69.6 percent to $1.3 billion. By destination, U.S. (up 61.9 percent), EU (up 99.5 percent), and Vietnam (up 324.0 percent) in particular showed high demand for this category.

By region, the value of Korea’s ICT products shipped to China surged 20.7 percent to $8.5 billion, taking up 44.9 percent of the entire ICT exports. Semiconductors (up 19.1 percent), displays (up 19.5 percent), mobile phones (up 103.6 percent), computers and peripheral devices (up 10.6 percent) all posted double-digit hikes.

Those to Vietnam totaled $3.1 billion, up 34.0 percent. Robust demand for chips (up 40.8 percent), displays (54.4 percent), and computers and peripherals (324.0 percent) drove up exports, while mobile phones (down 68.7 percent) contracted.

Exports to the U.S. saw a 14.5 percent increase to record $2.1 billion, led by high demand for chips (up 19.3 percent), computers and peripherals (up 61.9 percent), and secondary batteries (up 26.0 percent).

ICT products shipped to the European Union (EU) surged 31.0 percent to $1.2 billion thanks to semiconductors (up 22.3 percent), computers and peripherals (up 99.5 percent), and secondary batteries (up 6.6 percent).

To Japan, ICT exports advanced 8.8 percent to $330 million, with chips (up 31.8 percent) and computers and peripherals (up 18.6 percent) at the helm.

ICT imports for February showed strong demand for semiconductors (up 34.6 percent), computers and peripherals (up 22.4 percent), and displays (up 57.2 percent), but mobile phones dipped (down 6.4 percent). By region, ICT imports from China and Hong Kong (up 2.3 percent), Taiwan (up 9.1 percent), Japan (up 14.2 percent), and Vietnam (up 39.7 percent) increased, whereas those from the U.S. (down 2.4 percent) decreased. korea it