Affected by semiconductor panels and other factors, South Korea's ICT exports plummeted by 32.2% in March_News

According to data released by South Korea, the export volume of semiconductors, panels, smartphones, computers and other products decreased significantly year-on-year in March, resulting in a significant decrease in the overall export volume of information and communication technology (ICT) products.

According to data released by the South Korean Department of Trade, Commerce, and Finance, the export value of ICT (Information and Communication Technology) products in South Korea in March was 15.8 billion US dollars, a decrease of 32.2% from 23.3 billion US dollars in the same period last year. Among them, the export value of semiconductor products was 6.18 billion US dollars, a year-on-year decrease of 26.5%; The export value of panel products was 1.68 billion US dollars, a year-on-year decrease of 30.3%.

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Specifically, in March, nearly half of South Korea's exports of information and communication technology products accounted for $8.7 billion in semiconductor exports, a year-on-year decrease of 33.9%; The export value of mobile phones was 830 million US dollars, a year-on-year decrease of 49.3%. The export value of monitors and computers was 1.4 billion US dollars and 850 million US dollars, respectively, a decrease of 41.4% and 52.5%.

In terms of export destinations, South Korea's ICT exports to Chinese Mainland and Hong Kong in March fell 40.1% year on year to US $6.3 billion. Exports to Vietnam, the United States, and the European Union decreased by 20%, 33.3%, and 30.2%, respectively.

According to data from South Korea, in March, when the export value of information and communication technology products significantly decreased year-on-year, imports also decreased, dropping by 7.9% year-on-year to $11.9 billion, with a surplus of nearly $4 billion.

However, the South Korean government is taking measures to encourage the development of the ICT industry and promote export growth. For example, the South Korean government has introduced a series of policies, including reducing corporate taxes and providing financial support, to help businesses cope with the challenges posed by the epidemic. In addition, the South Korean government also plans to increase research and development investment in the ICT industry to promote its development.