Korea's ICT exports up 140% in July on sustained AI chip demand

Korea's information and communication technology (ICT) exports surged by 140.6 percent in July compared to the previous year, a rise driven by persistent global investments in artificial intelligence (AI), according to government data released on Friday. The Ministry of Science and ICT announced that ICT product shipments reached $53.4 billion in July, up from $22.2 billion a year ago, marking the highest figure for any July.

The sector saw a trade surplus of $35.1 billion, with imports surging 37.3 percent to $18.3 billion. Semiconductors, particularly those related to AI, led the surge, with exports soaring 178.8 percent to $41 billion. This growth marked the 17th consecutive month of chip export expansion. Computer and communications equipment exports increased 353.9 percent to $4.9 billion, while mobile phone shipments climbed 62.6 percent to $1.6 billion.

Display panel shipments grew by just 0.5 percent to $1.77 billion, as the market prepared for the launch of new smartphone and TV models later in the year.