S Korea’s ICT exports hit record high on strong chip demand

South Korea’s exports of information and communications technology (ICT) product hit record monthly high last month thanks to strong demand for semiconductors, a government report showed yesterday, reports Xinhua.

The ICT exports reached a new high of 17.49 billion US dollars in August, surpassing the previous monthly high of 16.57 billion dollars tallied in October 2013, according to the Ministry of Trade, Industry and Energy.

It was up 23.9 per cent from the same month of last year, keeping a double-digit increase for eight months in a row.

Chip exports surged 59.8 per cent over the year to reach a new monthly high of 8.93 billion dollars last month. Solid demand for locally-made semiconductors helped the ICT exports grow by double digits in recent months.

The strong chip demand also helped tech companies, including Samsung Electronics and SK Hynix, announce record earnings results in the second quarter.

ICT exports to China, South Korea’s biggest trading partner, advanced 20.6 per cent from a year earlier to 9.1 billion dollars in August.

Those to Vietnam, the United States and the European Union (EU) all posted a double-digit expansion.

Imports in the ICT sector gained 13.3 per cent to 8.6 billion dollars in the same period, sending the trade surplus in the industry to 8.88 billion dollars.

S Koreas ICT exports hit record high on strong chip demand

South Koreas exports of information and communications technology (ICT) product hit record monthly high last month thanks to strong demand for semiconductors, a government report showed yesterday, reports Xinhua. The ICT exports reached a new high of 17.49 billion US dollars in August, surpassing the previous monthly high of 16.57 billion dollars tallied in October 2013, according to the Ministry of Trade, Industry and Energy. It was up 23.9 per cent from the same month of last year, keeping a double-digit increase for eight months in a row. Chip exports surged 59.8 per cent over the year to reach a new monthly high of 8.93 billion dollars last month. Solid demand for locally-made semiconductors helped the ICT exports grow by double digits in recent months. The strong chip demand also helped tech companies, including Samsung Electronics and SK Hynix, announce record earnings results in the second quarter. ICT exports to China, South Koreas biggest trading partner, advanced 20.6 per cent from a year earlier to 9.1 billion dollars in August. Those to Vietnam, the United States and the European Union (EU) all posted a double-digit expansion. Imports in the ICT sector gained 13.3 per cent to 8.6 billion dollars in the same period, sending the trade surplus in the industry to 8.88 billion dollars.