Korea's information and communication technology (ICT) institutional sector exports in the first half of this year were recorded at $115.16 billion (approximately 158 trillion 586.8 billion won), a 5.8% increase compared to the same period last year ($108.83 billion). The trade balance recorded a surplus of $44.24 billion (approximately 60 trillion 936.2 billion won).
The Ministry of Science and ICT announced the export and import trends of the ICT sector for the first half of the year on the 15th. In June, ICT sector exports increased by 4.7% compared to the same month last year ($21.04 billion), reaching $22.03 billion (approximately 30 trillion 344.1 billion won). During this period, imports also increased by 14.0% compared to the same month last year ($10.89 billion), totaling $12.41 billion (approximately 17 trillion 886 billion won). Consequently, the trade balance recorded a surplus of $9.62 billion (approximately 13 trillion 246.7 billion won). The Ministry of Science and ICT noted, "The June export results hold significance as they represent the largest performance to date amid uncertainties regarding U.S. tariff policies, and record-high performance in semiconductor exports."
In the first half of this year, ICT exports showed an increasing trend for five consecutive months due to the zero tariff application on major items and the growing demand for artificial intelligence (AI) data centers, recording the second-highest exports ever. The highest export amount in a first half was recorded at $122.46 billion in 2022.
In the first half of this year, exports of major ICT items increased for semiconductors (up 11.4%), mobile phones (up 9.1%), and computers and peripheral devices (up 10.8%), while exports decreased for displays (down 13.9%) and communication equipment (down 2.5%).
The Ministry of Science and ICT analyzed, "Semiconductors showed record export performance in the first half of this year due to a rebound in fixed prices for major memory products such as DRAM and NAND, and continued strong exports of high-value memory products like high bandwidth memory (HBM) and double data rate (DDR)5. Mobile phone exports increased due to strong sales of flagship models and impressive performance of camera modules and parts, while exports of computers and peripheral devices grew due to the expansion of AI servers, particularly solid-state drives (SSD) used in data center storage."
It was added, "Display exports decreased due to the impact of inventory adjustments in upstream industries and last year's base effect, while communication equipment exports fell as the global market remains stagnant and local production in Vietnam expanded to secure price competitiveness."
In the first half of this year, exports by region increased in Taiwan (up 89.6%), the United States (up 14.5%), Vietnam (up 10.0%), India (up 9.3%), and Japan (up 5.7%). However, exports decreased in China (including Hong Kong) (down 11.5%) and the European Union (down 2.7%).
In the first half of this year, ICT imports reached $70.92 billion (approximately 97 trillion 635.6 billion won). By region, related imports decreased by 7.8% compared to the same period last year due to diversification of supply chains and reduced dependence on China, including Hong Kong. However, imports from alternative suppliers such as Taiwan (up 12.6%) and Vietnam (up 15.5%) increased. Item-wise, imports of graphics cards for expanding AI infrastructure ($320 million, up 23.9%) and medium to large computers ($1.74 billion, up 36.9%) saw significant growth.