Korea’s ICT exports reach US$59.98 billion in August

The Republic of Korea’s exports of information and communication technology (ICT) products hit a record high in August, driven by sustained global investments in artificial intelligence (AI).

According to Yonhap News Agency, data released on Monday by the Ministry of Science and ICT showed that outbound shipments of ICT products reached US$59.98 billion last month, up 162.6 percent from US$22.84 billion a year earlier.

ICT products accounted for 61 percent of the country’s total exports last month, exceeding 60 percent for the first time.

The ministry said it was also the first time that the sector’s trade surplus had exceeded US$40 billion.

By product, semiconductor exports surged 209 percent year-on-year to US$46.67 billion, driven by strong demand for AI-related chips amid expanded investments by global big-tech companies.