High demand for chips increases South Korea’s tech exports over 20%: Report

South Korea’s technology export for January has increased by 20.7% compared to the past year, given the high demand for semiconductors, said the country’s technology minister, according to a report by The Korea Herald.  

According to the data from the Ministry of Science and ICT, tech goods exports reached $19.65 billion during the month, the numbers amount to its highest for January and the 10th successive month of on-year gains since the last April, the report said.  

The import of goods in the similar category was $12.32 billion.  

The export of semiconductors accounted for $10.89 billion, an uptick of 24% from the same month in 2021, exceeding the $10-billion-mark for the ninth consecutive month.  

Display panel export amounted to $2.35 billion, a surge of 13.3 % from the previous year. The export of computer parts increased 54.3% from the previous year to $1.53 billion.  

The export of handsets, however, plummeted by 12.9% year-on-year to $1.04 billion.  

Also read: Chip companies log highest quarter revenue amidst chip shortage

South Korea’s overall exports increased 15.2 % to $55.32 billion from the previous year earlier riding on the strong demand for chips and petrochemicals.  

Shortage of chips negatively impacted the entire sully chain, especially in the automotive industry. Although chip shortage has sent shocks across industries throughout the world, chip companies have registered overwhelming profits.