S.Korean ICT exports rebound despite weak smartphone demand

S.Korean ICT exports rebound despite weak smartphone demand

South Korean exports of information and communications technology (ICT) products posted the first rebound in 14 months despite weak demand for smartphones, report showed on Thursday.

There has been brisk exports of chips and display panels that helped, Xinhua news quoted the government report.

The ICT exports increased 3.3 per cent from a year earlier to $14.8 billion in November, according to the Ministry of Trade, Industry and Energy (MOTIE).

Imports in the ICT sector inched up 0.5 per cent to $8.08 billion sending the ICT trade surplus to $6.72 billion that contributed the most to an $8 billion surplus in all industries.

Mobile phone exports tumbled 27.4 per cent to $2.09 billion as Samsung Electronics discontinued its latest Galaxy Note 7 smartphones on global reports of the devices catching fire and overheating.

However, chip exports expanded 11.6 per cent to $5.79 billion, posting the double-digit increase in 22 months thanks to higher product prices and strong demand.

Display panel shipments grew 3.1 per cent to $2.47 billion, the first rebound in 16 months on demand for OLED panels. Exports of computer and peripherals jumped 15.2 per cent to $660 million.

Exports to China, South Korea’s largest trading partner, reduced 3.6 per cent, with those to the European Union (EU) falling 1.9 per cent.

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