S. Korean IT exports plunge 26.7 pct in March

By Lee Joon-seung

SEOUL, April 6 (Yonhap) -- South Korean exports of information technology (IT) products plunged 26.7 percent on-year in March as the worldwide economic slump weakened overseas demand, a government report showed Monday.

Exports of semiconductors, mobile phones and other IT products reached US$8.8
billion last month, with imports dropping 30.8 percent to $4.67 billion for a
surplus of $4.13 billion, according to the report by the Ministry of Knowledge
Economy.
"March marked the sixth straight month since October that IT exports declined on
an annual basis, although the volume of outbound shipments has grown steadily
since hitting bottom at $6.51 billion in December," said Seo Seok-jin, head of
the ministry's IT policy coordination division.
In January and February, IT exports were tallied at $6.92 billion and $7.69
billion, respectively.
Seo also said that for the first three months of this year the country's IT
sector trade surplus topped $10.7 billion, far larger than the $3.9 billion trade
surplus tallied for the whole country from January through March.
According to the report, overseas shipments of mobile phones fell 21.3 percent
on-year to $2.39 billion, while semiconductor and display panel exports were down
38.4 percent and 12.7 percent, respectively, in the cited month.
Semiconductor exports topped $1.81 billion, while display panels brought in $1.94
billion.
Exports to China, including Hong Kong, reached $3.4 billion, with shipments to
the European Union and the United States estimated at $1.4 billion and $1.2
billion.
"Economic uncertainties will probably exert negative pressure for the time being,
although overall quality and price competitiveness is expected to allow locally
made products to increase their market share," said Seo.