S. Korean IT exports sink 23.9 pct in Feb.

By Lee Joon-seung
SEOUL, March 4 (Yonhap) -- South Korean exports of information technology (IT)
products plunged 23.9 percent on-year in February as the worldwide economic slump
weakened overseas demand, a government report showed Wednesday.
Exports of semiconductors, mobile phones and other IT products reached US$7.73
billion last month, with imports dropping 32.1 percent to $3.94 billion for a
surplus of $3.79 billion, according to the report by the Ministry of Knowledge
Economy.
"February marked the fifth straight month since October that growth of IT exports
declined on an annual basis, but the rate of the fall has decreased compared to
the previous months," said ministry official Seo Seok-jin.
In November and December, exports decreased 32.6 percent and 39.2 percent each,
compared to the year before, with January's overseas shipments nose-diving 38.6
percent.
The IT-sector surplus contributed to the country's overall trade surplus that
reached $3.29 billion last month, he added.
According to the report, overseas shipments of mobile phones edged up 2.4 percent
on-year to $2.39 billion in February, fueled by demand in the North American and
Asian markets.
However, semiconductor exports tumbled 40.6 percent annually to $1.54 billion,
with display shipments dropping 23.9 percent to $1.50 billion.
The ministry predicted that future performances of IT exports will depend on
conditions in the global semiconductor and panel markets that make up the bulk of
overseas shipments.
yonngong@yna.co.kr
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