South Korea ICT Exports Skyrocket 140% on AI Boom

South Korea's information and communication technology (ICT) exports achieved a record high in July, surging by 140.6% compared to the previous year. The total export value reached $53.4 billion, a substantial increase from $22.2 billion a year prior, according to data released by the Ministry of Science and ICT.

This remarkable growth was propelled by consistent global investment in artificial intelligence technologies. Semiconductor exports, a key component of the ICT sector, demonstrated exceptional performance, rising by 178.8% year-over-year. This surge extended the streak of semiconductor export growth to 17 consecutive months.

Further bolstering the export figures were significant increases in other ICT product categories. Exports of computers and communications equipment saw a remarkable jump of 353.9%, while mobile phone exports grew by 62.6%. The country also reported a healthy trade surplus of $35.1 billion in July, with imports rising by 37.3% to $18.3 billion.

Geographically, South Korea experienced substantial export growth across major markets. Exports to China and Hong Kong combined increased by 194.7%, while shipments to the United States grew by 187%. Significant rises were also observed in exports to Vietnam (115.7%), the European Union (202%), and India (128.2%).