Wednesday, December 19, 2018

Korea’s ICT exports fall amid slowing chip demand, rise in Chinese high tech - Pulse News

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South Korea’s exports of information and communication technology (ICT) products showed the first on-year decline in two years in November due to a slowdown in chip demand on top of sluggish sales of mobile phones and displays, government data found on Tuesday.

According to the Ministry of Trade, Industry and Energy, the country’s ICT exports in November fell 1.7 percent from the same period last year to $18.29 billion, marking the first drop since November 2016. Cumulative ICT shipments from January to November exceeded the $200 billion level for the first time to $204.45 billion.

Shipments of chips grew 10.6 percent from October to $10.79 billion, slowing from an average of 20 percent or more in previous months amid falling chip prices. The industry`s signs of tapering off have raised an alarm for the Korean economy that has largely hinged on semiconductor shipments.

Hit by expanded production in China, the nation’s display exports tumbled 11.3 percent on year to $2.28 billion in November. Mobile phone shipments were also affected heavily by the fierce competition in the global market, plummeting 46 percent to $1.03 billion. Exports of computers and peripherals also declined 10.1 percent to $810 million.

The rise in Chinese local technologies under the Made in China 2025 initiative, an ambitious government agenda to raise self-sufficiency in high tech, has begun to take a toll on Korean products. The country’s ICT shipments to China slipped 12.2 percent from a year-ago period to $9.04 billion, with display exports falling 30.3 percent, mobile phones 66.4 percent and chips 4.3 percent. On the other hand, ICT exports to Vietnam increased 13.2 percent, the U.S. 11.0 percent and the European Union 13.0 percent.

By Lim Sung-hyun and Choi Mira

[ⓒ Pulse by Maeil Business News Korea &, All rights reserved]

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