SEJONG: South Korea’s exports of information and communication technology (ICT) products fell for the 13th consecutive month in October due to a sharp drop in shipments of mobile devices and components, government data showed Thursday. ICT exports reached US$14.94 billion last month, down 6.8 percent from $16.03 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. The outbound shipment of such products has been on a steady decline since October last year when it edged down 1.6 percent from a year earlier, in line with the country’s total exports, which have posted negative growth for 21 straight months since the beginning of 2015.
For the first 10 months of the year, ICT exports slid 8.6 percent on-year to a cumulative $132.98 billion in October, the data showed. Exports of ICT goods accounted for 35.6 percent of the country’s $41.95 billion in overall shipments abroad over the one-month period. Imports of foreign ICT products retreated 6.5 percent on-year to $8.2 billion last month, with the country logging a trade surplus of $6.73 billion in the sector. The trade ministry said sluggish shipments of South Korea-made mobile phones and components contributed to the decline in ICT exports last month.
Combined overseas sales of handsets and parts tumbled 33.1 percent to $2.22 billion last month from a year earlier, with those of mobile phones alone plunging 48.8 percent on-year. Last month, tech giant Samsung Electronics Co. decided to terminate production of its latest flagship smartphone, the Galaxy Note 7, over batteries causing fires. Exports of flat screens also retreated 5.2 percent on-year in October, but the value hit a one-year high of $2.59 billion on a rise in global prices.
Outbound shipments of semiconductors gained 1.7 percent on-year to $5.59 billion last month on the back of recovering demand for memory chips, according to the data. By region, shipments to China and the European Union dipped 12.5 percent and 21.8 percent on-year, respectively, while those to Vietnam soared 46 percent over the cited period.
