In October, exports in the information and communication technology (ICT) sector hit a record high for the month despite fewer working days, driven by a semiconductor boom fueled by demand for artificial intelligence (AI).
According to the Ministry of Science and ICT's October ICT export-import trends released on the 13th, exports reached $23.33 billion, up 12.2% from October last year, marking the highest figure for any October.
Although there were two fewer working days than a year earlier and the global trade environment was uncertain, exports grew for the ninth straight month on the back of the semiconductor boom.
Semiconductor exports rose 25.4% to $15.74 billion, posting double-digit growth for the eighth consecutive month.
Rising DRAM and NAND prices and increased demand for high-value memory such as AI servers were cited as the main drivers.
For mobile phones, demand increased for key products such as Samsung Electronics' foldable phones released in the second half, boosting exports of finished goods, but overall exports fell 11.8% as parts shipments to China, a production base for major overseas corporations such as Apple, slowed.
Exports of telecom equipment increased 2.5% due to higher demand for base-station equipment in Vietnam and India.
By export destination, shipments to Taiwan, where TSMC continues to post strong results, surged 60.0% from October last year to $4.28 billion.
High-value memory such as DDR5 and high bandwidth memory (HBM) ($3.2 billion, up 60.0%) drove semiconductor exports to Taiwan.
In October, ICT imports fell 2.9% to $12.96 billion, and the trade balance posted a surplus of $10.37 billion.
ICT imports declined for items such as mobile phones and displays, but imports of graphics processing units (GPU) surged 725.9% year over year on expanded demand for AI infrastructure.