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

Korea's information and communication technology (ICT) exports surged 140.6 percent in July compared to the previous year, according to government data released on Friday. The surge was primarily due to a sustained global demand for artificial intelligence (AI) products, with outbound shipments reaching $53.4 billion, up from $22.2 billion a year earlier. This represented the highest July figures ever recorded by the Ministry of Science and ICT.

While ICT imports rose 37.3 percent year-on-year to $18.3 billion, resulting in a substantial trade surplus of $35.1 billion in the sector. Breaking it down by product, semiconductor exports saw a staggering 178.8 percent increase on-year, reaching $41 billion. This growth was driven by the strong demand for AI-related chips. Chip exports have been rising for the past 17 consecutive months, as reported by the ministry.

Exports of computers and communications equipment jumped 353.9 percent to $4.9 billion, while mobile phone shipments increased by 62.6 percent to $1.6 billion. Outbound shipments of display panels also showed a modest increase of 0.5 percent to $1.77 billion, as new smartphone and TV models were expected to be launched later in the year.