S. Korea's ICT exports for May hit all-time high amid AI chip demand: data
South Korea’s ICT exports hit a record $47.79 billion in May, driven by AI-related demand, with semiconductor shipments surging 169.2% year-over-year. Exports to the U.S. and China more than doubled, while imports rose 36%, resulting in a $32.09 billion trade surplus in the sector.
South Korea’s exports of information and communication technology (ICT) products reached $47.79 billion in May, the highest monthly figure ever, according to data from the Ministry of Science and ICT. The surge, up 128.9% from $20.88 billion in May 2023, marks the first time monthly ICT exports have exceeded $40 billion for three consecutive months. The growth was fueled by AI-driven demand, particularly for semiconductors, which soared 169.2% to $37.16 billion. This increase was supported by investments in AI servers and rising memory chip prices. Shipments of computers and related equipment also more than tripled to $4.33 billion, reflecting demand for solid-state drives in AI data centers. Smartphone exports rose 15.9%, while display panel exports increased modestly by 2.8%. The U.S. saw the sharpest rise in exports, up over 250% to $8.1 billion, followed by China (including Hong Kong) with a more than doubling of exports to $19.5 billion. Shipments to Vietnam jumped 90.8% to $6.8 billion. Imports in the sector rose 36% year-over-year to $15.7 billion, resulting in a trade surplus of $32.09 billion. The ministry attributed the record exports to sustained global investments in AI infrastructure and strong demand for high-tech components.
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