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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Weekly Briefs (Nov. 11 - 15)

Weekly Briefs (Nov. 11 - 15)

Nov. 18, 2013

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Monday, November 11
Korea's information and communication technology (ICT) exports and trade surplus hit a record high in October. According to the Ministry of Trade, Industry and Energy and the Ministry of Science, ICT and Future Planning, the nation's ICT exports expanded 11.6% from a year ago to mark US$16.23 billion in October. The previous high was recorded in May this year at US$15.15 billion. The trade surplus in the sector broke the record at the same time, rising 19.7% year-on-year to hit US$8.47 billion. By category, main drivers were major export items such as mobile phones, digital TVs and semiconductors. They all showed double-digit growth of 30.5%, 33.3% and 14.9%, respectively, offsetting the decreases in display panels (-14.8%), and computers and peripheral devices (-14.4%). By destination, exports to the US, the EU and ASEAN were strong, each rising 28.6%, 10.7% and 33.4% year-on-year. The ministries expect the annual ICT exports to exceed US$160 billion in 2013 for the first time in history driven by mobile phones and semiconductors.

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