Korea's ICT exports up 140% in July on sustained AI chip demand

Korea's exports of information and communication technology (ICT) products jumped 140.6 percent in July from a year earlier, driven by sustained global investments into artificial intelligence (AI), government data showed Friday.

Outbound shipments of ICT products reached $53.4 billion last month, up from $22.2 billion a year earlier, the Ministry of Science and ICT said in a press release.

The figure was the highest for any July, the ministry said.

ICT imports rose 37.3 percent on-year to $18.3 billion, resulting in a trade surplus of $35.1 billion in the sector.

By product, semiconductor exports surged 178.8 percent on-year to $41 billion, fueled by strong demand for AI-related chips.

Chip exports rose for the past 17 consecutive months, the ministry said.

Exports of computers and communications equipment spiked 353.9 percent to $4.9 billion, while mobile phone shipments increased 62.6 percent to $1.6 billion, the data showed.

Outbound shipments of display panels inched up 0.5 percent to $1.77 billion, amid a number of new smartphone and TV models set to be launched in the later half.

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