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