Semiconductor demand declines with Korea’s exports of technology products 22%

South Korea’s exports of ICT products fell for the 12th consecutive month in June, due to a decline in semiconductor demand, but the declining pace appears to have hit its lowest levels.

Exports of ICT products reached $16.1 billion last month, down 22.1 per cent from $20.6 billion the previous year, according to data compiled by the Ministry of Science and ICT.

Monthly ICT exports have been declining since July last year, but the year-on-year decline slowed after a 35.9 percent drop in April, according to Korean news agency Yonhap yesterday.

The country’s ICT imports in June fell 12.3 per cent year-on-year to $11.5 billion, resulting in a trade surplus of $4.6 billion in the sector.

Semiconductor exports, accounting for nearly half of all ICT exports, fell 27.9 per cent year-on-year to $9 billion.

Screen exports fell 11.1 per cent year-on-year to $1.6 billion, and sales of mobile phones and computers fell 18.8 per cent and 48.7 per cent to $780 million and $870 million, respectively.

Combined shipments to China, South Korea’s largest trading partner, including Hong Kong, fell 25.7 per cent year-on-year to $6.7 billion.