Korean ICT - First Nine Months of 2004 Yield Strong Export Growth
October 08, 2004
Data from the South Korean government shows significant growth for Korean electronics exports from January to September 2004. The total for electronics exports reached approximately US$71.4 billion, a 37.1% gain from the same period in 2003. September brought in a hefty US$8 billion, which was actually less than the 24% growth rate for the previous month, but still 16.3% greater than in September 2003.
Among all electronics exports, growth for PDP TV is the strongest at 59.5%. PCB comes in second with a growth rate of 44.9%, while satellite broadcast receivers are not far behind at 40.7%. Mobile phones posted growth of 28.2%. Notebook PC exports, on the other hand, continue to take a downturn, falling by 71.8% during this nine-month period. Exports of analog TVs were also down by 43.1%, and MP3 players dropped by 35.6%.
In terms of imports, South Korea brought in US$38.2 billion worth of electronic goods in the first nine months of 2004, which is up 20.9% over the same period in 2003. For the month of September, imports reached roughly US$4.2 billion, marking 7.8% growth. Nevertheless, South Korea's trade surplus for electronic goods reached US$3.9 billion in September. Growth in imports of MP3 players was the most significant at 105.8%. Import growth for notebook PCs grew by 95%, while imports of flat-panel monitors and sensors nearly doubled at 49.3%. In contrast, imports of digital TVs dropped by 70%, and imports of mobile phones fell by 30%.
Overall, the South Korea electronics sector posted a US$5 billion trade deficit with Japan, but maintained a trade surplus with most other regions. For example, South Korea's electronics trade surplus with the US reached US$752 million and it is running a US$720 million surplus with China. South Korea also enjoys a US$622 million surplus with Hong Kong.