ICT exports up 12% in October on AI server chips

Korea’s exports of information and communication technology (ICT) products rose 12.2 percent in October from a year earlier, data showed Thursday, helped by robust shipments of semiconductors for artificial intelligence (AI) servers.

Outbound shipments of ICT products reached $23.3 billion last month, according to data compiled by the Ministry of Science and ICT. It marks the highest export volume for any October.

Imports, meanwhile, fell 2.9 percent over the period to $12.9 billion, resulting in a trade surplus of $10.3 billion.

Exports of semiconductor products jumped 25.4 percent on-year, buoyed by strong demand for high-end chips used in AI servers, coupled with an increase in global memory chip prices.

Exports of communication equipment rose 2.5 percent on robust demand from Vietnam and India, the ministry said.

Shipments of display products, however, fell 8.8 percent due to a decrease in global prices. Exports of mobile phones dropped 11.8 percent amid weak demand for parts from China.

By destination, exports to the United States climbed 5.8 percent, and those to China, including Hong Kong, gained 4.9 percent.