S. Korea's ICT exports down in Aug. amid weakened global demand

▲ Containers of exports and imports are stacked at a pier in South Korea's largest port city of Busan on Sept. 13, 2022.

ICT exports-August tally

S. Korea's ICT exports down in Aug. amid weakened global demand

SEOUL, Sept. 16 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products fell in August from a year earlier due to a slowdown of global demand for tech goods, government data showed Friday.

Outbound shipments of ICT products came to US$19.3 billion last month, down 4.6 percent from $20.2 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

South Korea's ICT imports in August grew 18.7 percent on-year to $13.52 billion, resulting in a trade surplus of $5.79 billion in the sector.

Exports of semiconductors, which accounted for 56.8 percent of all ICT shipments, slumped 6.8 percent to $11 billion, and those of other key products, such as displays, smartphones and computers, fell as well.

Shipments of display products declined 5.3 percent to $2.1 billion, while smartphone exports fell 3.3 percent to $1.1 billion. Computer-related exports tumbled 25.3 percent to $1.26 billion.

The ministry said ICT exports fell across all product categories due to a slump in demand from the global economic slowdown and a decrease in production of ICT products.

By nation, combined shipments to China, South Korea's largest trading partner, and Hong Kong dropped 14.4 percent on-year to 19.3 billion. Exports to Vietnam, the United States and Japan also fell 8.1 percent, 5.2 percent and 4.3 percent, respectively.

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