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South Korea’s ICT exports grow 3.8% in 2020

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South Korea’s exports of information and communication technology (ICT) products in 2020 increased 3.8 per cent year-on-year, data showed. Yonhap

South Korea’s ICT exports grow 3.8% in 2020

South Korea’s exports of information and communication technology (ICT) products in 2020 increased 3.8 per cent year-on-year, data showed.

According to the Ministry of Science and ICT on January 18, exports of ICT products reached $183.6 billion for the whole of 2020, the third-highest amount ever.

Shipments had declined in the first half of the year due to a sharp contraction in global demand during the onset of the Covid-19 pandemic, but bounced back in the following half, largely driven by semiconductors and computer parts, the ministry explained.

Semiconductor exports in 2020 increased 5.4 per cent year-on-year to $100.3 billion, accounting for around 55 per cent of the country’s total exports of ICT products. Outbound shipments of non-memory chips, in particular, increased 17.6 per cent to reach a record high of $30.3 billion.

Exports of computer products too surged 53.1 per cent to $13.9 billion, backed by a strong demand for solid state drives. The country’s exports of SSD products last year doubled to $10.1 billion.

South Korea’s exports of mobile devices, however, slid six per cent year-on-year to $11.3 billion. Outbound shipments of displays also fell 5.1 per cent to $20.7 billion.

Meanwhile, South Korea’s exports in 2021 are expected to maintain an upward trend, supported by a strong overseas demand for semiconductors and organic light-emitting diode panels, the ICT ministry projected.

THE KOREA HERALD/ASIA NEWS NETWORK

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