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S.Korea's ICT exports decline for 2nd month in November

Xinhua, December 10, 2015 Adjust font size:

South Korea's exports of information and communications technology (ICT) products reduced last month due to weak demand for semiconductors and display panels, a government report showed on Thursday.

The ICT exports declined 7 percent from a year earlier to 14.34 billion U.S. dollars in November after reducing 1.6 percent in the previous month, according to the Ministry of Trade, Industry and Energy.

Imports in the ICT sector increased 7.2 percent to 8.04 billion U.S. dollars, sending the November trade surplus in the industry to 6.3 billion U.S. dollars.

Handset exports surged 20.2 percent to 2.89 billion U.S. dollars in the cited period, keeping a double-digit growth for four months in a row.

Chip exports, however, slumped 10 percent from a year earlier to 5.19 billion U.S. dollars in November, with those for display panels tumbling 19.7 percent to 2.39 billion U.S. dollars.

Demand for handsets got strong thanks to the popularity of locally-made smartphones like Samsung Electronics' Galaxy Note5 and LG Electronics' V10 smartphone.

Semiconductor exports weakened on low prices of DRAM and NAND flash memory chips. Global demand for flat screens also worsened amid falling product prices.

The country's ICT exports to China rose 1 percent in November from a year earlier, but those to the United States and the European Union plunged 6.6 percent and 25.8 percent respectively. Endit