South Korea Posts The Highest ICT Trade Surplus Among Members of The Organization for Economic Cooperation and Development

by Therese Agcopra / Dec 02, 2015 05:58 AM EST

Exports of display TV contributed to the ICT's improving performance. (Photo by Chung Sung Jun/Getty Images)

South Korea's information and communications technology (ICT) trade surplus is the highest among members of the Organization for Economic Cooperation and Development (OECD) for the first half of the year.

According to the data released by the Institute for Information and Communications Technology Promotion on Tuesday, South Korea boasts trade surplus valued at $40.9 billion from January to June this year.

Yonhap News reported Wednesday South Korea's number was enough to beat Germany, which ranked second with ICT trade profits amounting to $6.4 billion. The Netherlands and Japan followed with $3.5 billion and $2.3 billion in profits respectively. On the other hand, the United States suffered a deficit worth $101.1 billion.

Data compiled by the Ministry of Trade, Industry and Energy showed that the country's outbound shipments for ICT products hit $16.04 billion in October, which was 1.6 percent less than the $16.29 billion recorded last year, the Chronicle Daily reported Wednesday.

Meanwhile, the United States, Japan and Germany saw a decline in terms of ICT-related exports by 1.1 percent, 6.7 percent and 10.9 percent, respectively.

Business Korea reported Oct. 14 that South Korea recorded its highest ICT trade surplus in September. The ICT sector saw an increase by 1.6 percent year-on-year, which is equivalent to $15.9 billion and is the highest number for 2015.

In September, the country's ICT import also reached a new record-breaking high with a 1.4 percent increase to $7.77 billion compared to last year's tally.

The boom in the ICT sector was led by suppliers of digital TV and mobile phones as well as exporters of semiconductors.

Exports for digital TV and component showed a 9.3 percent increase to $610 million in September. Mobile phones and semiconductors also saw growth in exports by 34.1 percent to and 0.8 percent respectively.

On the other hand, exports for computers and auxiliary equipment dropped by 9.0 percent to $600 million in the same period.

The figures show economic competitiveness in South Korea's ICT sector despite the economic slump suffered by the country this year.