Record-breaking chip export drive growth in ICT exports

[Courtesy of Ministry of Trade, Industry and Energy]

South Korea’s information, communication, and technology (ICT) exports were at their second-highest levels on record for the first half of 2024 as overseas sales of semiconductors remained robust. Chip and ICT exports hit a record high by June for their part.

The Ministry of Trade, Industry and Energy (MOTIE) said Monday that ICT exports in the first half of the year grew 28.2 percent to total $108.8 billion, the second-highest levels ever of all the first half totals on record.

A significant surge in semiconductor exports drove the growth in ICT exports. Semiconductor exports experienced rapid growth from January to June 2024, with their share in ICT exports rising to 63.8 percent in June, up from the previous year’s 53.4 percent.

June saw record-breaking ICT exports, with impressive performance across major items such as semiconductors, displays, mobile phones, and computers. Semiconductors in particular recorded the highest export growth in history, thanks to an uptick in industry demand and unit prices.