South Korea’s exports of information and communication technology (ICT) products declined at its fastest pace in more than 14 years in March amid waning global demand, extending its losing streak to a ninth month.
Outbound shipments of ICT products came to US$15.8 billion last month, down 32.2 percent from $23.3 billion a year earlier, according to the data compiled by the Ministry of Science and ICT.
It is the largest on-year drop since January 2009, while the monthly ICT exports have been on the decline since July last year.
The country’s ICT imports in March retreated 7.9 percent on-year to $11.9 billion, resulting in a trade surplus of $4 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, tumbled 33.9 percent on-year to $8.7 billion.
Overseas sales of mobile phones plunged 49.3 percent on-year to $830 million last month, and those of displays and computers sank 41.4 percent and 52.5 percent, respectively, to $1.4 billion and $850 million.
By nation, combined shipments to China, South Korea’s largest trading partner, and Hong Kong slumped 40.1 percent on-year to $6.3 billion.
Exports to Vietnam, the United States and the European Union also decreased 20 percent, 33.3 percent and 30.2 percent, respectively.
Source: Yonhap News Agency