S. Korea's ICT exports rise 9.6 pct in May on chips, handsets
South Korea's exports of information and communication technology (ICT) products rose 9.6 percent in May from a year earlier, driven by robust sales of semiconductors and mobile handsets, government data showed Thursday, Yonhap reports.
Outbound shipments of ICT products reached US$20.88 billion last month, up from $19.04 billion a year earlier, the Ministry of Science and ICT said in a press release.
ICT imports rose 0.5 percent on-year to $11.53 billion, resulting in a trade surplus of $9.35 billion in the sector.
By product, semiconductor exports surged 21.2 percent on-year to $13.8 billion, fueled by strong demand for artificial intelligence (AI)-related chips.
Exports of computers and communications equipment rose 1.7 percent to $1.2 billion, while mobile phone shipments increased 2.8 percent to $1.05 billion, the data showed.
However, exports of display panels declined 17.5 percent to $1.52 billion, amid growing uncertainty over shifting U.S. tariff policies.
By destination, combined shipments to China and Hong Kong dropped 6.8 percent on-year to $7.58 billion, reflecting weaker semiconductor demand.
Exports to the United States rose 7.2 percent to $2.29 billion, while shipments to the European Union jumped 12.5 percent to $1.1 billion.
Shipments to Vietnam increased 15.7 percent to $3.55 billion, while exports to Japan climbed 12.5 percent to $340 million.
As reported previously, South Korea added more than 200,000 jobs for the first time in 13 months in May, but employment losses continued in the manufacturing and construction sectors, government data showed Wednesday
