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Exports $16.05 billion, imports $11.07 billion, trade surplus $4.98 billion
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Gradual ease in ICT exports since April 2023 kept for August
In August 2023, the trade figures of Information and Communication
Technology (ICT) industry in South Korea recorded exports of $16.05 billion and
imports of $11.07 billion, resulting in a trade surplus of $4.98 billion,
tentatively.
In the case of ICT exports, there was a
16.7% decline compared to the same month of the previous year. This decline is
primarily attributed to market conditions such as the continued decline in
semiconductor prices and the delayed recovery of demands for ICT devices.
However, it is worth noting that the rate of export decline has been gradually
easing since reaching its low point in April, showing signs of improvement as
the rate of decline lowered below 20% for the first time this year.
By product category, display saw an increase of 1.8%, while semiconductors
(↓21.1%), mobile phones (↓12.2%), computers and peripheral devices (↓47.4%),
and communication equipment (↓9.5%) experienced decreases.
By region, the increase in display exports has resulted in performance
boost in Vietnam (↑1.7%), making a positive turn in 13 consecutive months,
following the positive trend in Japan (↑13.0%), whereas decreases in China
(including Hong Kong, ↓20.6%), the United States (↓29.5%), and the European
Union (↓20.0%) have continued.
In the case of ICT imports ($11.07 billion), there was a decline of 18.1%
in comparison to the same period last year ($13.52 billion), due to the delayed
recovery of ICT demand, which had in turn led to a decrease in the import of
key components like semiconductors.
* Major import
countries: China, Taiwan, Vietnam, Japan, the US, etc.
Summary of ICT export performance by product category
1. Semiconductors ($8.64 billion, ↓21.1%)
- Simultaneous decline in both systems ($3.97 billion, ↓14.9%) and memory
($4.25 billion, ↓26.1%) chips, due to the delayed recovery of semiconductor
market conditions and continual fall in the price of memory chips.*
* Trends in DRAM price (8Gb, $): July 2022 2.88 → October
2022 2.21 → January 2023 1.81 → April 2023 1.45 → August
2023 1.30
- However, the rate of decline in semiconductor exports are improving after
reaching its low point this January.*
* Trends in semiconductor exports (billion $, %): January 2023
6.15 (↓43.5) → April 2023 6.47 (↓40.6) → July 2023 7.54
(↓33.7) → August 2023 8.64 (↓21.1)
2. Display ($2.13
billion, ↑1.8%)
- Expanded exports of OLED for mobile devices had led the display export
increase in general, making a positive turn in 15 consecutive months.*
* Trends in display exports (billion $, %): June 2022 1.78
(↓8.4) → July 2023 1.89 (↓5.4%) → August 2023 2.13 (↑1.8)
- Especially, exports in Vietnam ($1.35 billion, ↑22.3%), where key
manufacture bases of Korean mobile phone manufacturers are located, had led the
general increase in display exports.
3. Mobile phones ($0.99
billion, ↓12.2%)
- The delayed recovery in demands for mobile devices had resulted in
export decreases in both end products ($0.18 billion, ↓30.6%) and partial
products ($0.82 billion, ↓6.9%).
- Despite this, in some regions including Japan had recorded increase in
end product exports*, owing to the demand in high-end products.
* Exports of mobile phone end products to Japan and the US ($ billion, %):
Japan 0.06 (↑716.5%), US 0.05 (↑75.8%)
4. Computers and
peripheral devices ($0.66 billion, ↓47.4%)
- The overall decrease* was centered around electric devices and auxiliary
memory units for data centers and servers (Solid State Drive, SSD, $0.36
billion, ↓63.3%).
* Trends in computers and peripheral devices exports (billion $, %): June
2022 1.69 (↑13.4) → July 2022 1.21 (↓21.9) → July 2023
0.66 (↓47.4)
5. Communication
equipment ($0.21 billion, ↓9.5%)
- Regions where communication infrastructure is being
expanded, such as Vietnam ($0.04 billion, ↑27.9%) and India ($0.02 billion, ↑121.8%), experienced increase, while overall exports had
decreased*, attributed to the global economic slowdown.
Summary of export performance by region
1. China
($6.55 billion, ↓20.6%)
- Looming economic risk factors have led to slowdown in production and
consumption, resulting in export decreases in key items such as semiconductors
($4.56 billion, ↓20.6%), display ($0.55 billion, ↓20.8%), and mobile phones ($
0.57 billion, ↓13.0%).
* Trends in exports to China (billion $, %): May
2022 8.79 (↑1.4) → June 2022 9.08 (↓2.6) → August 2023
6.55 (↓20.6)
2. Vietnam ($3.05
billion, ↑1.7%)
- A key manufacturing base for domestic businesses, display for mobile
devices* have improved in demand, making a positive turn in 13 consecutive
months.
* Trends in display exports to Vietnam (billion $, %): June 2023
0.88 (↓5.2%) → July 2023 1.17 (↑4.9) → August 2023 1.35
(↑22.3)
* Trends in exports to Vietnam (billion $, %): August 2022 3.00
(↓8.1%) → July 2023 2.52 (↓18.6) → August 2023 3.05
(↑1.7%)
3. United States
($1.65 billion, ↓29.5%)
- While mobile phones ($0.08 billion, ↑34.5%) have seen an increase in
exports, semiconductors ($0.43 billion, ↓45.1%) and computers and peripheral
devices ($0.17 billion, ↓64.9%) have experienced decreases.
* Trends in exports to the US (billion $, %): September 2022
2.68 (↑3.6%) → October 2022 2.04 (↓14.2) → August 2023 1.65
(↓29.5)
4. European Union
($0.84 billion, ↓20.0%)
- There were an increase in semiconductors ($0.24 billion, ↑12.2%), and
decreases in mobile phones ($0.03 billion, ↓60.0%) and computers and peripheral
devices ($0.01 billion, ↓39.3%).
* Trends in exports to the EU (billion $, %): August 2022 1.04
(↑4.6) → September 2022 1.09 (↓0.1) → August 2023 0.84
(↓20.0)
5. Japan ($0.38
billion, ↑13.0%)
- General export growth seen for two consecutive months, mainly driven by
semiconductors ($0.12 billion, ↑3.2%), mobile phones ($0.07 billion, ↑331.1%),
and secondary batteries ($0.04 billion, ↑14.9%).
* Trends in exports to Japan (billion $, %): June 2023 0.36
(↓10.3) → July 2023 0.42 (↑23.1) → August 2023 0.38
(↑13.0)
Summary of import figures in August 2023
- By product
category: Declines in semiconductors ($5.28 billion, ↓21.5%), computers and
peripheral devices ($1.01 billion, ↓23.9%), mobile phones ($0.56 billion,
↓43.5%), and display ($0.41 billion, ↓0.2%)
- By region:
Declines in China ($3.79 billion, ↓32.1%), Taiwan
($1.73 billion, ↓23.9%), Vietnam ($1.07 billion, ↓22.5%), Japan ($1.03 billion,
↓6.8%), and the US ($0.69 billion, ↓4.0%)
For further information, please contact the Public Relations
Division (Phone: +82-44-202-4034, E-mail: msitmedia@korea.kr)
of the Ministry of Science and ICT.
Please refer to the attached PDF.