Korea’s IT exports achieved a record level for the second year in a row, the Ministry of Knowledge Economy announced on January 9.
Despite unfavorable external factors such as the global financial crisis and the devastating floods in Thailand, IT exports were estimated to have reached US$156.97 billion in 2011, a 2 percent gain from the previous year’s US$153.94 billion.
Smartphones, system semiconductors and other hardware-software integrated products led the growth, with smartphones exports in particular surging 53.5 percent.
The IT industry contributed to the nation’s positive trade balance, with a surplus of US$75.45 billion that was 2.3 times greater than the all-industry surplus.
By region, exports to China (up 6.5%, y-o-y), Japan (up 6.8%, y-o-y) and the ASEAN nations (up 10.1%, y-o-y) increased, while those to the United States (down 4.2%, y-o-y), European Union (down 22.9%, y-o-y), and Oceania (down 0.8%, y-o-y) decreased.
* Source : 『Monthly Economic Bulletin』 Vol.34 No.1
(Ministry of Strategy and Finance and Korea Development Institute)
