South Korea’s ICT exports fell for the fourth month in a row in October

According to South Korea’s Ministry of Trade, Industry, and Energy, South Korean exports of information and communications technology (ICT) goods fell 10.3% year-on-year to $17.870 billion in October, the fourth consecutive month of decline.

According to the report, global demand for technology products manufactured in South Korea is declining. This comes amid growing concerns about the global economic downturn.

Semiconductor exports fell 16.2% year-on-year in October to $9.41 billion as memory chip exports fell below $10 billion for the 18th consecutive month.

Exports of displays fell 9.6% to $2.03 billion. However, exports of mobile devices increased by 13.0% to $1.55 billion. This was due to the strong demand for newly launched smartphones.

Exports of ICT products to Vietnam fell to $3.21 billion, to the United States to $2.05 billion, and to the European Union (EU) to $960 million.

Imports of ICT products rose 13.6% year-on-year in October to $13.76 billion. This was the 24th consecutive month of double-digit growth and the highest level since records were kept in 1996.

The ICT sector’s trade surplus amounted to $4.11 billion in October. In the same month last year, the surplus had still amounted to $7.8 billion.

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