S. Korea`s IT exports reach US$131 bln in 2008

By Lee Joon-seung
SEOUL, Jan. 6 (Yonhap) -- South Korean information technology (IT) exports rose a
mere 0.9 percent annually in 2008 due mainly to weak chip prices and a global
economic slump, a government report showed Tuesday.
Overseas shipments of IT products reached US$131.3 billion last year while
imports grew 5.5 percent on-year to $73.5 billion, resulting in a trade surplus
of $57.8 billion, according to the report by the Ministry of Knowledge Economy.
Exports of semiconductors posted the first negative growth since 2001, but it was
offset by strong overseas sales of mobile phones and display panels, it said.
"An oversupply caused DRAM and NAND Flash Memory device prices to plummet
throughout last year, with mobile phones becoming the top selling IT export
product," a ministry official said.
According to the report, global DRAM and NAND Flash prices fell from $1.8 and
$6.2 respectively at the start of the year to $0.9 and $1.8 by year's end, with
outbound shipments dropping 16 percent to $32.8 billion.
Exports of mobile phones jumped 19.1 percent to $33.4 billion last year, while
display panel growth reached 19.2 percent, with $25.7 billion worth of products
sold in foreign countries.
Exports to the European Union fell 2.4 percent and those to Japan fell 14.6
percent in 2008 compared to the year before, while those to China and the United
States gained 4.8 percent and 10.4 percent each.
Outbound shipments to the Middle East and Latin American countries moved up 15-16
percent last year as South Korean companies move to increase market share in
developing economies.
yonngong@yna.co.kr
(END)