In the first half of 2024 and June, information and communication technology (ICT) industry exports achieved the second-highest export performance ever in the first half of the year and the highest export performance ever in a monthly basis, driven by increased demand for semiconductors and rising unit sales prices.

According to the information and communication technology (ICT) industry export and import trends for the first half of 2024 and June recently announced by the government, exports in the first half of the year recorded $108.85 billion, up 28.2% year-on-year, while imports recorded $67.78 billion, down 0.7%, resulting in a trade surplus of $41.07 billion.

In the first half of the year, ICT exports continued to show a brisk export trend, with semiconductors, a major export item, increasing significantly due to increased demand and rising sales prices, leading the growth of overall ICT exports, with double-digit growth for six consecutive months starting in January 2024.

By product, semiconductors increased 49.9% year-on-year to $65.83 billion. Demand for semiconductors expanded due to the growth of the artificial intelligence market and the recovery of the IT device market, while memory drove overall exports due to the increase in fixed transaction prices and the expansion of exports of high-spec memory items such as HBM due to the demand in the artificial intelligence market.

Displays increased 14.6% year-over-year to $10.1 billion. Display exports increased by double digits due to the recovery in demand for IT devices such as TVs and PCs and the expansion of panel applications in vehicles.

Mobile phones decreased by 2.8% year-on-year to $5.58 billion. The decrease in the first quarter was due to sluggish demand in China (including Hong Kong), the main destination for exports of mobile phone parts (camera modules, etc.), but it turned positive from the second quarter, reducing the decrease in the first half.

Computers and peripherals increased by 35.6% year-on-year to $5.99 billion. Demand for devices such as PCs increased due to increased investment in servers and data centers, and in particular, demand for SSDs, which are auxiliary storage devices, increased significantly due to the improvement in IT industry conditions, expanding overall computer and peripheral exports.

Telecommunications equipment decreased 2.9% year-on-year to $1.19 billion.

By region, China increased by 37.3% year-on-year to $47.43 billion, Vietnam increased by 21.7% year-on-year to $17.32 billion, the United States increased by 19.2% year-on-year to $12.59 billion, and the European Union increased by 8.2% year-on-year to $5.96 billion. Japan decreased by 9.3% year-on-year to $1.85 billion.

Meanwhile, ICT exports in June increased by 31.1% year-on-year to $21.05 billion, while imports recorded $10.87 billion, resulting in a trade surplus of $10.18 billion.

By product, semiconductors increased by 49.4% year-on-year to $13.44 billion. Due to the growth of the artificial intelligence (AI) market and the recovery of the IT device market, semiconductor demand expanded, renewing the record high for overall semiconductor exports.

Displays increased 22.6% year-on-year to $1.95 billion. As demand for IT devices such as TVs and PCs recovered, organic light-emitting diodes (OLEDs) and liquid crystal displays (LCDs) increased simultaneously, leading to double-digit growth in overall display exports for five consecutive months.

Mobile phones increased 8% year-on-year to $840 million, computers and peripherals increased 48.9% year-on-year to $1.29 billion, and industrial equipment decreased 8.6% year-on-year to $200 million.

By region, China increased by 29.2% year-on-year to $8.71 billion, Vietnam increased by 36.8% year-on-year to $3.4 billion, the United States increased by 27% year-on-year to $2.5 billion, and the European Union increased by 1.5% year-on-year to $990 million. Japan decreased by 8.6% year-on-year to $330 million.