ICT Exports Reach Record Growth in October Amid AI Boom

South Korea has reported a remarkable increase in its exports of information and communication technology (ICT) products in October, achieving the highest growth rate on record. This surge is largely attributed to the ongoing global boom in artificial intelligence (AI), which has positively influenced the country's economic landscape.

According to data from the Ministry of Science and ICT, outbound shipments of ICT products reached an impressive $70.35 billion in October, significantly up from $23.29 billion in the same month last year. This figure not only represents a tripling of exports but also marks the second-highest monthly total ever recorded, just shy of September's $75.1 billion.

ICT exports accounted for a substantial 61 percent of South Korea's total outbound shipments, which amounted to $115.28 billion in October. This proportion has remained above 60 percent for three consecutive months, indicating a strong reliance on the ICT sector for economic performance.

A standout performer within the ICT category was semiconductors, which saw exports soar by 259.4 percent year-on-year to $56.47 billion, fueled by robust global demand for high-end memory products and sustained high prices. Additionally, exports of computers and accessories grew more than fivefold to $5.99 billion, largely driven by high-capacity solid-state drives (SSDs) for servers.

Mobile phone exports also experienced a rise of 6.5 percent to $1.71 billion, thanks to strong sales of premium models. Notably, exports to China more than tripled to $27.2 billion, while shipments to the United States increased more than sixfold to $15.56 billion, reflecting the growing international demand for South Korean technology.