ICT exports post record on-year increase in April, on AI-related products

Korea's exports of information and communication technology (ICT) products posted the steepest on-year increase in April, driven by strong overseas demand for chips and other items related to the artificial intelligence (AI) ecosystem, data showed Thursday. Outbound shipments of ICT products in April rose 125.9 percent from a year earlier to $42.7 billion, according to the data compiled by the Ministry of Science and ICT. It marked the sharpest on-year increase by percentage, and the second-largest exports in terms of value since the ministry started compiling related data, the ministry added. Imports moved up 33.3 percent to $16.2 billion, resulting in the surplus of $26.6 billion. "ICT exports accounted for around half, or 49.7 percent, of the country's total exports of $85.9 billion in the month, reaffirming the sector's reputation as the key industry leading the Korean economy's growth," the ministry said in a release. By product, exports of semiconductors jumped 173.3 percent over the period to $31.9 billion, as excess demand for memory chips continued due to the steady investment in

Original source: Korea Times