South Korea’s ICT export declines for 4 months

24th March, 2019 12:07:44 printer

SEOUL: South Korea's export of the information and communications technology (ICT) products declined for four straight months to February on weak demand for major tech items, a government report showed Thursday.

The ICT export tumbled 19 percent over the year to 12.7 billion U.S. dollars in February, keeping a downward trend since November last year, according to the Ministry of Trade, Industry and Energy, reports Xinhua.

Chip export plunged 24.9 percent to 6.87 billion dollars on lower memory chip price, and display panel shipments reduced 17.2 percent to 1.56 billion dollars last month.

Mobile phone export shrank 13.4 percent to 860 million dollars, but export for OLED panel and secondary battery increased 7.9 percent and 10.7 percent each.

The ICT export to China, South Korea's biggest trading partner, dropped 30.4 percent last month, and those to the European Union and Vietnam slumped 19.3 percent and 1.7 percent respectively.

Import of the ICT products stood at 7.29 billion dollars in February, sending the trade surplus to 5.41 billion dollars.