South Korea’s exports of information and communication technology (ICT) products soared in March, more than doubling from the previous year. Data from the Ministry of Science and ICT revealed that outbound ICT shipments reached $43.51 billion, marking the first time they surpassed $40 billion in March. The surge was fueled by strong semiconductor demand amidst the global artificial intelligence (AI) boom.
Imports also saw a significant increase, rising by 32.2% year-on-year to $16.15 billion. This resulted in a trade surplus of $27.36 billion in the ICT sector. The Ministry highlighted that ICT exports accounted for over half of the country’s total exports in March, emphasizing the sector’s crucial role in South Korea’s economy.
Semiconductor exports experienced a remarkable 151% surge to $32.84 billion, driven by robust demand from global AI data centers. Additionally, smartphone exports rose by 57% to $1.54 billion, while shipments of computers and related equipment nearly tripled to $3.59 billion, reflecting the growing demand for solid-state drives (SSDs) used in AI data centers.
Exports to key destinations also witnessed substantial growth, with exports to the United States nearly tripling to $8 billion and those to China, including Hong Kong, more than doubling to $17.66 billion. However, exports of display panels declined by 9.3% due to weak demand for OLED products in the IT sector.
The South Korean won strengthened against the US dollar, opening at 1,478.8 per dollar on Tuesday. This increase was attributed to expectations of potential peace talks between the United States and Iran following a recent ceasefire announcement. Foreign media reports suggested a possible resumption of negotiations after the previous round in Islamabad did not yield a breakthrough.
