South Korea exports rebound first in 14 months despite weak demand for smartphones

Exports in South Korea rebounded for the first time in 14 months, despite weak demand for smartphones. There have been brisk exports of chips and display panels that helped bolster the outbound shipments.

Exports of information and communications technology (ICT) products increased 3.3 percent from a year earlier to USD14.8 billion in November, data released by the Ministry of Trade, Industry and Energy (MOTIE) showed Thursday.

Imports in the ICT sector inched up 0.5 percent to USD8.08 billion sending the ICT trade surplus to USD6.72 billion that contributed the most to an USD8 billion surplus in all industries. Mobile phone exports tumbled 27.4 percent to USD2.09 billion as Samsung Electronics recalled its latest Galaxy Note 7 smartphones on global reports of the devices catching fire and overheating.

However, chip exports expanded 11.6 percent to USD5.79 billion, posting the double-digit increase in 22 months thanks to higher product prices and strong demand. Display panel shipments grew 3.1 percent to USD2.47 billion, the first rebound in 16 months on demand for OLED panels. Exports of computer and peripherals jumped 15.2 percent to USD660 million.

Meanwhile, exports to China, South Korea's largest trading partner, reduced 3.6 percent, with those to the European Union (EU) falling 1.9 percent.