According to the Ministry of Science and ICT and the Ministry of Trade, Industry and Energy, South Korea's information and communication technology (ICT) exports reached $70.35 billion in October, marking a 202% increase compared to the same month last year. This is the second consecutive month that exports have surpassed $70 billion, following a record high of $75.15 billion in September.
Imports also rose, totaling $19.8 billion, a 52.7% increase year-on-year. The trade balance recorded a surplus of $50.55 billion.
The surge in exports was driven primarily by semiconductors and computers and related devices. Semiconductor exports soared to $56.47 billion, a 259.4% increase from the previous year, fueled by strong demand for high-performance memory driven by the growth of the AI industry and ongoing excess demand for DRAM and rising memory prices.
Exports of computers and related devices also saw significant growth, increasing by 439.3% to $5.99 billion, supported by the continued expansion of server-grade solid-state drive (SSD) exports.
Display exports rose to $2.03 billion, a 23.6% increase year-on-year, driven by increased sales of foldable smartphones and new laptop models featuring organic light-emitting diode (OLED) displays.
Mobile phone exports reached $1.71 billion, up 6.5% from the previous year, as the rise in smartphone prices due to high-value components was offset by increased sales of premium products.
Telecommunication equipment exports totaled $230 million, a 26.5% increase year-on-year.
Regionally, exports to China surged by 213.1% to $27.11 billion. Exports to the United States reached $15.56 billion, a staggering 522.4% increase compared to the same month last year. Taiwan saw an increase of 78.6% to $7.64 billion.
Vietnam's exports rose by 78.2% to $6.34 billion, while exports to the European Union increased by 125% to $2.79 billion. Exports to India grew by 107% to $880 million, and Japan saw a 94.3% increase to $590 million.
* This article has been translated by AI.
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