Korea's information and communication technology (ICT) industry recorded a trade surplus of $9.35 billion (about 12.71 trillion won) in May.
The Ministry of Science and ICT released data on the trends of ICT exports and imports on the 13th, noting that the export volume for May reached $20.88 billion, marking a 9.6% increase compared to the same month last year ($19.04 billion). This surpassed the 2022 export volume of $20.2 billion, achieving the highest results for May on record. During this period, imports totaled $11.53 billion, reflecting a 0.5% increase from the same month last year ($11.47 billion).
The Ministry of Science and ICT said, "In May, exports of the ICT industry continued to increase, both to the U.S. and overall, despite uncertainties in U.S. tariff policy," and added, "Exports increased in sectors such as semiconductors (21.2% increase), mobile phones (2.8% increase), computers and peripherals (1.7% increase), and communication equipment (10.2% increase)."
The display sector recorded a 17.5% decrease compared to the previous year; however, the increase in all major items maintained overall export growth. Korea's ICT industry exports have been increasing for four consecutive months since February this year.
In May, the export of semiconductors saw a rebound in the fixed prices of key products such as DRAM and NAND flash, with continued strong exports of high-value memory products like high bandwidth memory (HBM) and double data rate (DDR)5. While some parts for mobile phones saw decreased exports, the anticipated tariffs led to increased stockpiling demand for finished goods smartphones, contributing to overall export growth.
The demand for storage devices (SSDs) in computers and peripherals showed signs of recovery, resulting in increased exports. Communication equipment also benefited from positive impacts from expanded demand for military use in the U.S. and the introduction of 5G equipment in India. However, the Ministry of Science and ICT analyzed that the display sector experienced export declines due to a slowdown in global demand arising from uncertainties in U.S. tariffs.
Exports by region showed increases compared to the previous year in the U.S. (7.2% increase), Vietnam (15.7% increase), the European Union (1.5% increase), and Japan (12.5% increase). However, exports to China, including Hong Kong, showed a 6.8% decrease compared to the previous year.
In May, imports in the ICT industry increased by 2.3% in the mobile phone sector compared to the previous year, and computers and peripherals saw a 37.4% increase. The Ministry of Science and ICT noted, "Imports in the GPU sector for data centers due to AI demand increased by 51.1% compared to the same period last year, amounting to $10 million," and that "imports in the mid-to-large computer sector recorded a 130% increase to $430 million compared to the same period last year."