S. Korea's ICT exports up 140 pct in July on sustained AI chip demand

SEOUL, August 14 - South Korea's information and communication technology (ICT) exports surged 140.6 percent in July year-over-year, driven by sustained global investments in artificial intelligence (AI), government data revealed on Friday. The Ministry of Science and ICT reported that ICT product shipments totaled US$53.4 billion last month, marking the highest value for any July.

This figure represented a significant increase from $22.2 billion in the same period last year, according to the ministry's press release. Within the sector, ICT imports grew 37.3 percent on-year to $18.3 billion, resulting in a substantial trade surplus of $35.1 billion. Semiconductors led the surge, with exports rising 178.8 percent on-year to $41 billion, fueled by strong demand for AI-related chips.

The ministry noted that semiconductors have been exported for 17 consecutive months. Other ICT products also experienced remarkable growth, with computer and communications equipment exports soaring 353.9 percent to $4.9 billion, and mobile phone shipments increasing 62.6 percent to $1.6 billion. Display panel exports saw a minor uptick of 0.5 percent to $1.77 billion, as new smartphone and television models were set to launch later in the year.

Shipments to key destinations such as China, Hong Kong, the United States, Vietnam, the European Union, and India also saw substantial increases, with exports to China and Hong Kong jumping 194.7 percent, the United States exports rising 187 percent, and shipments to India advancing 128.2 percent year-over-year.