Korea's ICT exports mark record high on sustained AI investments

Korea's information and communication technology (ICT) exports hit a record high in August, propelled by ongoing global investments in artificial intelligence (AI), according to data released by the Ministry of Science and ICT on Monday. ICT product shipments reached a staggering $59.98 billion, marking a remarkable 162.6 percent increase compared to $22.84 billion in the same period last year, the ministry disclosed.

For the first time, ICT products constituted more than 60 percent of the country's total exports that month, the ministry reported.

Simultaneously, ICT imports surged by 48.8 percent year-on-year to $18.61 billion, resulting in a substantial trade surplus of $41.37 billion, marking the first time this figure surpassed the $40 billion threshold, the ministry emphasized. Breaking down by product, semiconductor exports witnessed an extraordinary 209 percent year-on-year growth to $46.67 billion, driven by escalating demand for AI infrastructure spurred by substantial investments from prominent global technology firms.

Computer and communications equipment exports also saw a staggering 383.1 percent increase to $6.4 billion, while mobile phone shipments rose by 23.2 percent to $1.64 billion.