S. Korea’s ICT Products Export Fell For Second Month In Aug

S. Korea’s ICT Products Export Fell For Second Month In Aug

SEOUL, Sept 16 (NNN-YONHAP) – South Korea’s export of information and communications technology (ICT) products, kept falling for two months through Aug, government data showed today. The ICT products shipment dwindled 4.6 percent from a year earlier, to 19.31 billion U.S. dollars in Aug, according to the Ministry of Trade, Industry and Energy.

Global demand for locally-made tech products weakened amid rising worries about the global economic downturn. Semiconductor export reduced 6.8 percent over the year to 10.96 billion U.S. dollars in Aug.

Display panel shipment shrank 5.3 percent to 2.09 billion U.S. dollars, and mobile devices export decreased 3.3 percent to 1.14 billion U.S. dollars.

The ICT products export to the European Union (EU) rose 4.7 percent over the year to 1.05 billion U.S. dollars in Aug, but those to Vietnam and the United States declined to three billion U.S. dollars and 2.34 billion U.S. dollars, respectively.

Import for ICT products jumped 18.7 percent from a year earlier to 13.52 billion U.S. dollars in Aug, marking a record monthly high since relevant data began to be compiled in 1996. The local currency’s depreciation to the greenback raised the import costs for tech products.

The won/dollar exchange rate was 1,350.4 won per dollar at the end of Aug, up from 1,299.1 won tallied a month earlier.

Trade balance in the ICT sector recorded a surplus of 5.79 billion U.S. dollars last month.

– NNN-YONHAP

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