October ICT Exports Top $70.3 Billion... Growth Rate Tops 200% for the First Time

[Financial News] Driven by growth in the artificial intelligence (AI) industry, information and communications technology (ICT) exports rose more than 200% last month for the first time. Demand for high-performance memory semiconductors and data center storage devices fueled export growth, while major products including displays, mobile phones and telecommunications equipment also posted broad-based gains.
According to the October ICT Export and Import Trends released on the 15th by the Ministry of Science and ICT and the Ministry of Trade and Industry, ICT exports totaled $70.35 billion last month, up 202.0% from the same month a year earlier. It was the highest October total on record, and the export growth rate also set a new record.
Imports rose 52.7% from the same month a year earlier to $19.8 billion. The trade surplus reached $50.55 billion, keeping it in the $50-billion range for a second consecutive month. ICT accounted for 61.0% of the country’s total exports, remaining in the 60% range for a third consecutive month.
By product, semiconductor exports rose 259.4% from the same month a year earlier to $56.47 billion. Demand for high-performance memory remained strong amid growth in the AI industry, while a DRAM supply shortage and rising memory prices lifted export performance. Semiconductors accounted for 80.3% of total ICT exports.
Exports of computers and peripheral equipment rose 439.3% to $5.99 billion. The increase was driven by a 584.3% surge in exports of high-capacity solid-state drives (SSDs) for servers as investment in global AI data centers (AIDCs) continued.
Display exports rose 23.6% to $2.03 billion. Buoyed by increased sales of foldable smartphones and the launch of new laptops, exports of organic light-emitting diodes (OLEDs) for mobile phones and laptops rose 32.5% and 47.7%, respectively.
Mobile phone exports rose 6.5% to $1.71 billion, boosted by increased sales of finished premium smartphones. Telecommunications equipment exports also grew 26.5% to $230 million, supported by demand for wireless communications components and equipment for automotive electronics.
By region, exports to the United States stood out. ICT exports to the U.S. rose 522.4% from the same month a year earlier to $15.56 billion. Semiconductor exports and computer and peripheral equipment exports increased 734.1% and 766.0%, respectively.
Exports to China, the largest export market, including Hong Kong, rose 213.1% to $27.21 billion. Growth also continued in other major export markets, including the European Union (125.0%), India (107.0%), Japan (94.3%), Taiwan (78.6%) and Vietnam (78.2%).
ICT exports by small and mid-sized companies rose just 10.3% from the same month a year earlier to $5.61 billion. In contrast to overall ICT exports, which at least tripled, these companies’ semiconductor and mobile phone exports fell 6.2% and 11.7%, respectively.
[email protected] Yoon Hong-jip Reporter