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South Korea's August ICT exports to China down nearly 21% to $65.5 billion

Update time : 2023-09-19 11:33:00

South Korea's Ministry of Industry, Trade and Resources (MITR) said on September 14 that exports in the field of information and communication technology (ICT) in August amounted to 160.5 billion U.S. dollars, and from a regional point of view, exports to China declined by 20.6% year-on-year to 65.5 billion U.S. dollars, and to the United States, exports fell by 29.5% to 16.5 billion U.S. dollars.

Statistics show that a decline in the unit price of semiconductors, the main export item, coupled with a delay in the recovery of demand for ICT equipment led to a 16.7 percent year-on-year decline in South Korea's ICT exports in August, but the decline is gradually improving, which is the lowest point since April.
By item category, displays grew 1.8 percent, but semiconductors (-21.1 percent), cell phones (-12.2 percent), computers and peripherals (-47.4 percent), and telecommunication equipment (-9.5 percent) all declined.
The department noted that semiconductor exports amounted to $86.4 billion, down 21.1 percent compared to the same period last year, mainly due to delays in the recovery of the semiconductor business and lower memory prices. However, the decline in semiconductor exports has been showing signs of gradual improvement since January.
In terms of regional export performance, due to the delay in the recovery of Chinese production and consumption, South Korea's ICT exports to China in August totaled 20.6 percent year-on-year decline to $ 65.5 billion; South Korea's exports to the United States amounted to $ 16.5 billion, a decline of 29.5 percent compared with the same period last year; exports to the EU fell 20 percent to $ 8.4 billion; however, exports to Japan totaled $ 3.8 billion, a year-on-year increase of 13 percent.

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