South Korea's ICT Exports Hit Record High in May, Surpassing $47.8 Billion

South Korea's information and communication technology (ICT) sector has achieved a historic milestone, with exports soaring to a record $47.8 billion in May. This surge represents 54.5% of the nation's total exports, underscoring the sector's critical role in the economy. The Ministry of Trade, Industry and Energy attributed the success to robust demand and rising prices, particularly in the semiconductor market.

Semiconductor exports alone reached $37.16 billion, a remarkable 169.2% increase year-on-year. This growth is fueled by sustained investment in artificial intelligence (AI) servers and a consistent rise in memory chip prices. The average selling price for 8Gb DRAM increased from $13 in March to $20 in May, while 128Gb NAND flash prices climbed from $17.7 to $26.5 in the same period. Other key ICT exports, including smartphones, displays, computer peripherals, and communication equipment, also saw significant gains.

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Semiconductors are recording performance in the $30 billion range for three consecutive months due to the continued rise in fixed contract prices for memory, driven by ongoing artificial intelligence (AI) server investments.

Beyond exports, ICT imports grew by 36% to $15.7 billion, resulting in an unprecedented monthly trade surplus of $32.09 billion. This marks the first time the ICT trade surplus has surpassed $30 billion in a single month. The Ministry highlighted that despite prolonged regional conflicts, the ICT sector has consistently exceeded $40 billion in monthly exports for three consecutive months, setting new records for both total export value and growth rate, thereby driving the nation's overall export performance.

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ICT exports have recorded over $40 billion for three consecutive months for the first time in history, breaking records for export value and growth rate, and leading our economy's exports, despite the prolonged Middle East war.