Seoul, South Korea - New figures released by South Korea's Ministry of Science and Information Communications Technology (ICT) have highlighted a substantial increase in the country's ICT exports. For the first half of 2024, the export value of South Korea's ICT industry rose by 28.2% YoY to $108.85 billion, marking the second-highest record for the same period in history.

Semiconductors, a key export product, saw a significant increase of 49.9% YoY, totaling $65.83 billion. The robust export performance of semiconductors has led to a continuous six-month streak of double-digit growth in ICT exports. Particularly noteworthy is the dramatic increase in the export of storage chips, which soared by 88.7% YoY.

In June alone, South Korea's ICT exports jumped by 31.1% YoY to $21.05 billion, setting a new record for the month. Semiconductor exports reached $13.44 billion, also a record for the month. Storage chip exports, in particular, experienced a staggering 85.2% YoY increase, reaching $8.83 billion.

The import of ICT products for the first half of the year stood at $67.78 billion, resulting in a trade surplus of $41.07 billion. For the month of June, the trade surplus was realized at $10.18 billion.

The surge in storage chip exports is a testament to the strength of South Korea's semiconductor industry and its ability to meet the growing global demand for advanced ICT products. The continued growth in exports is expected to contribute positively to the country's economic outlook, reinforcing its position as a leading player in the global ICT market.