South Korea's ICT exports in March reached $20.58 billion, up 9.4% year-on-year

South Korea's exports of information and communication technology (ICT) products in March were $20.58 billion, up 9.4% year-on-year, data released by the Ministry of Science and ICT on Monday showed. Thanks to strong sales of chips and mobile phones.

ICT imports in March increased 6.8% year-on-year to $12.21 billion, resulting in a trade surplus of $8.37 billion for the industry.

In terms of products, semiconductor exports in March increased 11.8% year-on-year to $13.06 billion due to strong demand for artificial intelligence (AI)-related chips.

During the period, computer and communication equipment exports increased 28.1% to $1.31 billion, while mobile phone exports increased 14.5% to $1 billion.

Display panel exports increased 1.3% to $1.64 billion as corporate customers stockpiled in response to the US government's reciprocal tariffs.

In terms of export destinations, exports to mainland China and Hong Kong fell 12.2% year-on-year to $7.35 billion due to lower demand for chips and computers.

Exports to Vietnam and Japan increased 14.6% and 3.3% to $3.43 billion and $320 million, respectively.

Exports to the United States increased 19.4% year-on-year to $2.77 billion, while exports to the European Union fell 2.8% to $1.06 billion.