Data released by the Korean Ministry of Science and Information and Communication Technology showed that South Korea's exports of information and communication technology products in July were US$19.34 billion, down from US$19.48 billion in the same period last year. Despite the decline in exports, South Korea's imports of ICT products rose 16.8% year on year to US$13.22 billion in July.
Data from the Korean Ministry of Science and Information and Communication Technology also showed that among the information and communication products they exported in July, in addition to the largest increase in semiconductors, key products including panels, smartphones, and computers all declined.
Specifically, South Korean semiconductor products exported US$11.4 billion in July, up 3.1% year-on-year, accounting for 58.8% of the export value of ICT products; panel exports were US$2 billion, down 4.7% year-on-year; smartphone exports were US$680 million, down 29.2% year-on-year; computer-related product exports were US$1.2 billion, down 21.9% year-on-year.
Exports of mobile phones and computers fell sharply year-on-year, which the Ministry of Science and ICT attributed to stagnant consumption due to the global economic downturn, while fewer working days in July also affected exports.
South Korea, which is home to ICT companies such as Samsung Electronics, LG Electronics, and SK Hynix, is an important exporter of ICT products in the world. Memory chips, panels, etc. are also important export commodities of South Korea, accounting for an important proportion of South Korea's exports.
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