South Korea’s ICT exports exceeded US$250 billion in the first half of the year, soaring more than 120% year-on-year
Data released by the South Korean government on Tuesday showed that driven by the artificial intelligence boom, South Korea's information and communication technology (ICT) product exports reached US$253.9 billion in the first half of this year, a year-on-year increase of 120.5%, setting a record high. Data show that ICT imports increased by 31.3% year-on-year to US$93.2 billion, resulting in a trade surplus of US$160.7 billion. Semiconductor exports increased 162.5% year-on-year to US$192.4 billion, benefiting from strong demand for artificial intelligence chips and rising memory prices. Exports of computer and communication equipment increased by 233.8% year-on-year, exceeding the US$20 billion mark for the first time in six months. This was also helped by increased shipments of solid-state drives (SSDs) used in artificial intelligence infrastructure, the department said. Mobile phone exports increased by 38% year-on-year, and display screen exports increased by 3.8%. By destination, exports of ICT products to mainland China and Hong Kong increased by 141% year-on-year. Exports to Vietnam increased by 74.5%, and exports to the United States increased by 215.6%. In June alone, South Korea exported US$57.3 billion worth of ICT products, and the trade surplus in this field reached US$39.1 billion that month, setting the highest single-month data on record.