The MOEA (Ministry of Economic Affairs) said that shipment value of the Taiwanese IC industry is expected to have reached NT$1,200 billion (US$37.5 billion; US$1=NT$31.99) in 2016, continuing to set a new record in four straight years since 2013, thanks to a stronger demand for electronics used in IoT (Internet of Things), telematics, and automation products. The foundry industry was the major growth driver with a total shipment value of NT$903.5 billion (US$28.2 billion) as of October 2016, followed by the DRAM (Dynamic Random Access Memory) industry, which totaled NT$102.1 billion (US$3.2 billion). China and Hong Kong were the main export destinations, accounting for 54.8% of the export value, followed by Singapore (14.1%), Japan (8.7%), and Korea (8.5%).