News on October 14, 2024 — Data released by South Koreas Ministry of Science and ICT (MSIT) on October 14 shows that in September 2024, South Koreas ICT exports reached $22.36 billion, a year-on-year increase of 36.3%, marking 11 consecutive months of growth and the second-highest monthly record in history.

Semiconductor exports hit record high

Data shows semiconductor exports reached $13.63 billion, a record high. Among them, memory semiconductor exports grew 60.7% year-on-year to $8.72 billion, while system semiconductor exports rose 5.2% to $4.37 billion. MSIT analysis indicates increased demand for high-value-added products like HBM (High Bandwidth Memory) as the main driver for memory semiconductor export growth.

Smartphones and peripherals show strong performance

Smartphone exports grew 25.1% year-on-year to $1.71 billion, maintaining double-digit growth since March 2024. Exports of smartphone components to China and Vietnam increased 31.2%. Additionally, strong sales of newly launched foldable phone series contributed to double-digit growth in finished smartphone exports for three consecutive months.

For computers and peripherals, SSD exports exceeded $1 billion for two consecutive months, with exports to the U.S. surging 250.5% year-on-year to $740 million.

Significant trade surplus

During the same period, South Koreas ICT imports rose 15.9% to $12.48 billion, resulting in a $9.88 billion ICT trade surplus in September.

Future outlook

South Koreas strong ICT export growth reflects its rising competitiveness in the global high-tech market. With advancing AI technology and sustained demand for related products, South Koreas ICT exports are expected to maintain momentum in coming months. However, global economic conditions and trade policy uncertainties may still impact export growth.