South Korea's IT exports rise
Seoul: South Korea's information technology (IT) product exports rose for seven straight months as demand for smartphones stayed solid in the global market, a government report showed Tuesday.
Exports in the IT industry increased 10.1 percent from a year earlier to USD 13.76 billion in March, rising for seven straight months, according to the Ministry of Trade, Industry and Energy.
For the first three months of this year, the IT exports rose 9.4 percent on year to reach a new record high of USD 38.71 billion, reported Xinhua.
Imports grew at a slower pace of 2 percent in March, with trade surplus in the IT sector reaching USD 7.01 billion. The reading more than doubled a surplus of USD 3.36 billion for the whole industry in the same month.
Solid demand for smartphones such as Samsung Electronics' Galaxy S series and LG Electronics' Optimus G model led the IT exports increase. Exports of handsets, including smartphones, jumped 23.8 percent from a year before to USD 1.84 billion in March.
Chip exports rose 6.7 percent to USD 4.6 billion in March, posting the growth for six straight months. Memory chip shipments advanced 11.1 percent, the first increase in 23 months on the back of demand for mobile chips. Exports of system chips such as mobile application processor increased for 43 straight months.
Display panel exports rose 5.5 percent to USD 2.66 billion last month, gaining for
the ninth consecutive month due to demand from China and Europe.
Shipments of computer and computer-related products such as printers and monitors increased 7 percent in March from a year before as demand for locally-made tablet PCs logged the double-digit growth.