ICT exports log record-high growth in Oct. amid AI boom

Detailed summary

By Kang Yoon-seung SEOUL, Nov. 15 (Yonhap) -- South Korea's exports of information ...

SEOUL, Nov. 15 (Yonhap) -- South Korea's exports of information and communication technology (ICT) products rose at the sharpest pace on record from a year earlier in October, data showed Sunday, driven by the global artificial intelligence (AI) boom.

Outbound shipments of ICT products came to US$70.35 billion in October, more than tripling from $23.29 billion a year earlier, according to data compiled by the Ministry of Science and ICT.

The figure also marked the second-highest monthly total on record, just below the $75.1 billion posted in September.

The report also showed ICT exports accounted for 61 percent of the country's total outbound shipments of $115.28 billion in October, with the proportion remaining above 60 percent for three consecutive months.

Exports of semiconductors shot up 259.4 percent on-year in October to $56.47 billion, driven by strong global demand for premium memory products and persistently high memory prices.

Outbound shipments of computers and accessories also reached $5.99 billion in October, growing more than fivefold from a year earlier, led by high-capacity solid-state drives (SSDs) for servers.

Exports of mobile phones rose 6.5 percent to $1.71 billion on the back of strong sales of premium models.

By destination, exports to China more than tripled to $27.2 billion, driven by gains in semiconductors and computers. Shipments to the United States also grew more than sixfold to $15.56 billion, the report showed.

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