South Korean IT Exports Set a New High

Export of South Korea`s information technology (IT) product in January this year reached a record high.

The Ministry of Information and Communication announced Friday that total South Korean IT product exports in January increased 13.7 percent to $6.2 billion, while imports increased 13.9 percent to $3.48 billion, contributing to an IT trade surplus of $2.72 billion.

One MIC official said, "Despite adverse economic factors such as steep won appreciation, increasing semiconductor and mobile phone shipping, and a record amount of $1.82 billion in exports to the Chinese IT market helped South Korea set a new IT export amount record."

Sorted by products, semiconductors (including parts) increased 27.6 percent to $2.43 billion (39.2 percent of total exports) comparing to the same period of last year, and emerged as the most export item.

Semiconductors were again the single biggest IT trade surplus contributor, followed by mobile phones (including parts, totaling $1.97 billion), which took up 31.8 percent of all IT products exported. LCD monitors exported amounted to $420 million, and data storage devices amounted to $180 million.

Categorized by nations, soaring shipments to China, coupled with a seasonal hike in demand, made it the largest importer of Korean IT products at $1.82 billion, followed by the U.S. ($1.13 billion) and the EU ($1.08 billion).

Wi-Yong Jung viyonz@donga.com