South Korea ICT exports hit record $59.98 billion in August

South Korea's information and communications technology (ICT) exports reached a historic high of $59.98 billion in August, marking a 162.6% increase compared to the previous year. According to data from the Ministry of Science and ICT, ICT products accounted for more than 60% of the country's total exports for the first time.

The ICT sector generated a record trade surplus of $41.37 billion, the first time this figure has exceeded $40 billion. This surplus was larger than South Korea's total national trade surplus of $34.75 billion for the month; without ICT exports, the rest of the economy would have recorded a trade deficit of approximately $6.6 billion.

Semiconductor exports were a primary driver, surging 209% to $46.67 billion, fueled by global demand for artificial intelligence infrastructure. Other notable growth areas included computer and telecommunications equipment, which rose 383.1%, and mobile phone exports, which increased 23.2%. Conversely, display panel exports saw a 7% decrease due to cost pressures related to rising memory chip prices.