South Korea’s ICT Shipments Decrease for 13 Consecutive Months in July


On Wednesday, government data revealed that South Korea’s exports of information and communication technology (ICT) products decreased for 13 months in a row in July due to a lack of demand for high-tech goods and declining chip prices.

As reported by the Ministry of Science and ICT, the country’s outbound shipments of ICT products totaled $14.6 billion last month, a 24.3% drop from $19.3 billion a year before.

The on-year decrease has been slowing down since April, when it hit a 35.9% decrease. In addition, ICT imports in July fell 13.7% on-year to $11.4 billion, resulting in a trade surplus of $3.2 billion in the sector.

The ministry explained that ICT exports declined in almost all product categories last month due to a global economic slowdown. Semiconductors, which accounted for almost half of all ICT shipments, dipped 33.7% on-year to $7.5 billion, mainly because of the weak DRAM prices in the global market, which dropped to $1.34 in July from $2.88 a year prior.

Exports of displays dropped 5.4% year-on-year to $1.9 billion in July, while those of mobile phones and computers decreased 19.6% and 28% to $720 million and $870 million, respectively.

In terms of countries, combined shipments to China and Hong Kong declined 27.7% year-on-year to $6 billion. Exports to Vietnam, the United States and the European Union also decreased 18.6%, 28.3% and 24.9%, respectively.

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