S. Korea’s ICT exports fall for 5th straight month in Nov.

SEOUL– South Korea’s exports of information and communication technology (ICT) products dropped for the fifth consecutive month in November due to contracted demand for tech goods amid a global economic slowdown, government data showed Wednesday.

Outbound shipments of ICT products came to US$16.7 billion last month, down 22.5 percent from $21.5 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.

The on-year drop has continued for five months in a row.

The country’s ICT imports in November inched up 0.6 percent on-year to $12.8 billion, resulting in a trade surplus of $3.8 billion in the sector.

The ministry said ICT exports fell across nearly all product categories last month due to a slump in demand amid the global economic slowdown.

Exports of semiconductors, which accounted for more than half of all ICT shipments, tumbled 28.4 percent on-year to $8.7 billion, while those of other key products, such as displays and mobile phones, fell 17.3 percent and 6.2 percent to $2 billion and $1.4 billion, respectively.

By nation, combined shipments to China, South Korea’s largest trading partner, and Hong Kong dropped 30.2 percent on-year to $7 billion.

Exports to Vietnam, the United States and Japan also decreased 15.2 percent, 25.9 percent and 17.2 percent, respectively.

Source: Yonhap News Agency

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