S. Korea’s ICT exports drop for 8th straight month in Feb.

South Korea's exports of information and communication technology (ICT) products fell for the eighth consecutive month in February due mainly to a drop in demand for semiconductors amid a global economic slowdown, government data showed Tuesday. Outbound shipments of ICT products came to US$12.8 billion last month, down 32 percent from $18.9 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. The ICT exports have been on the decline since July last year. The country's ICT imports in February retreated 3.6 percent on-year to $11 billion, resulting in a trade surplus of $1.8 billion in the sector. The ministry said ICT exports fell across nearly all product categories last month in the midst of a global slowdown. Exports of semiconductors, which accounted for nearly half of all ICT shipments, plunged 41.5 percent on-year to $6.1 billion. Those of displays and computers tumbled 42.2 percent and 58.6 percent, respectively, to $1.3 billion and $650 million. Overseas sales of mobile phones also declined 5.5 percent on-year to $1 billion in February, backtracking from a 24 percent gain in January when Samsung Electronics Co.'s latest smartphone Galaxy 13 was released globally. By nation, combined shipments to China, South Korea's largest trading partner, and Hong Kong slumped 39.4 percent on-year to $5.1 billion. Exports to Vietnam, the United States and Japan also decreased 31.7 percent, 20.7 percent and 4.8 percent, respectively.

Source: Yonhap News Agency