UK, Japan seal $24bn investment and tech partnership
2 hours ago
South Korea’s exports of information and communication technology (ICT) products reached a record monthly high in May, driven by strong demand for semiconductors and other products linked to the artificial intelligence ecosystem, the Yonhap News Agency reports.
ICT exports rose 128.9% year on year to $47.79bn in May, up from $20.88bn a year earlier, according to data released on June 14 by the Ministry of Science and ICT.
The figure marks the first time monthly ICT exports have exceeded $40bn for three consecutive months, the ministry said.
ICT imports increased 36% from a year earlier to US$15.7bn, resulting in a trade surplus of $32.09bn for the sector.
Semiconductors remained the main driver of growth. Exports of chips surged 169.2% year on year to $37.16bn, supported by continued investment in AI servers and rising memory chip prices.
Exports of computers and related equipment more than tripled from a year earlier to $4.33bn, reflecting growing demand for solid-state drives used in AI data centres.
Smartphone exports rose 15.9% year on year, while shipments of display panels edged up 2.8%.
By destination, exports to the United States jumped more than 250% to $8.1bn. Exports to China, including Hong Kong, more than doubled to $19.5bn, while shipments to Vietnam increased 90.8% from a year earlier to $6.8bn.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Content
Tech
UK, Japan seal $24bn investment and tech partnership
More than 10 trade agreements were signed in total. These included an offshore wind farm project.
Can the Baltics become Europe's engine of innovation?
Europe has a problem. It’s falling behind both the US and China in innovation. If a European start-up gets off the ground they regularly decamp for the US where the market is bigger and more liquid.
Polish president vetoes crypto assets bill for third time
President Karol Nawrocki vetoed a government bill aimed at regulating the crypto assets market, blocking legislation that would have appointed the Polish Financial Supervision Authority as the market’s main watchdog.
Taiwan curbs advanced AI chip trade with China
The policy shift highlights Taiwan's delicate geopolitical position, where the necessity to secure its vital semiconductor monopoly and appease Western partners must be balanced against the commercial realities of its massive cross-strait trade.
