South Korea’s exports of information and communication technology (ICT) products rose for the 10th consecutive month in August, led by solid sales of semiconductor and mobile phones, data showed Friday.

Outbound shipments of ICT products came to US$20.6 billion last month, up 28.5 percent from $16.03 billion a year earlier, according to data compiled by the Ministry of Science and ICT.

Imports of ICT products increased 5 percent on-year to $11.6 billion, resulting in a trade surplus of $8.96 billion in the sector.

This photo taken Sept. 13, 2024, shows a port in the southeastern city of Busan. (Yonhap)

By item, chip exports jumped 37.6 percent on-year to $11.9 billion in August, posting a double-digit increase for the 10th straight month, on robust global chip demand sparked by the growth of the artificial intelligence market and the recovery of the IT device market.

In particular, outbound shipments of memory chips shot up 71.7 percent on-year to $7.3 billion as the average quarterly price of DRAM cont
inued to increase and the demand for high-value products, like high-bandwidth memory chips, expanded.

Overseas sales of mobile phones also surged 60.1 percent to $1.57 billion thanks to new product releases by South Korean phone makers, and exports of computers and peripherals soared 144.2 percent to $1.61 billion on strong demand for solid state drives.

But exports of displays and communications equipment dropped 5.8 percent and 9.1 percent to $2.01 billion and $190 million, respectively.

By nation, combined shipments to China and Hong Kong increased 27 percent on-year to $8.32 billion, logging a gain for the 10th consecutive month on a rise in chip and display exports.

Exports to the United States advanced 57.6 percent to $2.59 billion on chips and computers, and exports the European Union climbed 44.3 percent to $1.21 billion.

Outbound shipments to Vietnam also rose 7.5 percent to $3.27 billion, but exports to Japan fell 17.2 percent to $310 million.

Source: Yonhap News Agency