South Korea’s IT exports grow

September 11th, 2012 - 6:08 pm ICT by IANS  

Seoul, Sep 11 (IANS) South Korean exports of information technology (IT) products grew for the first time in six months due to solid demand for display panels and system chips, a government report showed Tuesday.

Exports of locally-manufactured IT products reached $13.04 billion in August, up 0.1 percent from the same month of last year, according to the Ministry of Knowledge Economy.

For the first eight months of this year, the exports amounted to $99.07 billion, down 4.1 percent from the same period of 2011, reported Xinhua.

The August figure was the first rebound in six months and marked the largest monthly export in 2012 in contrast to overall exports that weakened amid worsening external conditions from the prolonged European fiscal crisis.

Trade surplus in the IT sector reached $6.85 billion in August, more than three times the surplus of $2.04 billion for all industries. It was due mainly to steeper drop in IT imports that came to $6.19 billion, down 12.8 percent from a year before.

Among major export items, memory chips and handsets showed underperformance, but display panels, system chips and home appliances saw their shipment grow last month.

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