$227.6 billion! South Korea's exports of ICT products hit a record high in 2021

According to Yonhap News Agency, data released by the South Korean Ministry of Science and Information and Communication Technology (ICT) on Wednesday showed that the export value of South Korea's ICT industry will increase by 24% year-on-year in 2021 to a record high.

The division said that due to strong global demand for chips, displays and rechargeable batteries, exports from South Korea's ICT industry reached a record $227.6 billion in 2021.

For comparison, South Korea's imports of ICT products increased by 19.9% year-on-year to $135 billion in 2021, compared with a trade surplus of $92.6 billion last year.

By market segment, exports of semiconductor products surged 28.4 percent to a record high of $128.7 billion.

As strong demand for SSDs reached a record $12.9 billion, exports of computers and related components rose 25 percent to $17.4 billion.

Mobile phone export shipments soared 24.7 percent, with exports reaching $14 billion. Exports of displays also rose 19 percent year-over-year to $24.6 billion.

In terms of destinations, exports to China, South Korea's largest trading partner, rose 23.8 percent to $107.5 billion, mainly for chips and display products.

Exports to Vietnam rose 18 percent to $35.1 billion due to strong demand for chips.

Exports to the United States increased by 26.6 percent to $27.9 billion due to increased demand for semiconductors, computer parts, and rechargeable batteries. in Ace