S.Korea's ICT exports hit record high of 197.6 bln USD in 2017

SEOUL, Jan. 16 (Xinhua) -- South Korea's exports of information and communications technology (ICT) products hit a record yearly high last year due to strong demand for chips and display panels, a government report showed on Tuesday.

Exports in the ICT sector reached 197.6 billion U.S. dollars in 2017, the biggest ever recorded by the South Korean economy, according to the Ministry of Trade, Industry and Energy.

Imports in the sector amounted to 102.1 billion dollars, sending the ICT trade surplus to 95.5 billion dollars in 2017.

Semiconductor shipment surged 60.2 percent over the year to 99.68 billon dollars last year, with those for display panels growing 7.8 percent to 30.29 billion dollars.

Export for computer and peripherals advanced 10 percent to 9.64 billion dollars, but mobile phone shipment dipped 28.8 percent to 19.04 billion dollars as local manufacturers increased production in overseas factories.

By country, the ICT product export to China gained 22.2 percent to hit a new high of 104.39 billion dollars. Those to Vietnam jumped 60.2 percent, with the ICT shipment to the United States rising 3.7 percent to 18.16 billion dollars. Enditem