South Korea's Digital Electronics Exports Hit Record High in March
Apr 9, 2004
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South Korean digital electronics makers saw their exports hit an all-time high last month, led by digital TV exports, an industry report showed.
Korea's digital electronics exports in March were estimated at U.S. $8.28 billion, up 43.4 percent from the previous record of $7.72 billion registered in March last year, according to the report released by the Ministry of Commerce, Industry, and Energy.
The nation's trade balance for digital electronics was $3.7 billion in the black last month as imports increased by 16.5 percent on the year to $4.57 billion.
"Despite some unfavorable factors such as a strong won and the rising prices of raw materials, including crude oil, digital electronics exports are expected to continue to increase on growing demand in the information technology market and emerging markets," said Lee Gwan-seop, a ministry official responsible for monitoring the industry.
In the first quarter of this year, digital electronics exports and imports posted $23.06 billion and $12.45 billion, respectively, resulting in a trade surplus of $10.61 billion, the report said. The trade surplus in the sector exceeded the nation's total trade surplus of $7.21 billion.
Digital TV exports led the boom by soaring 88.9 percent on-year, followed by exports of satellite broadcasting receivers increasing 78.7 percent, monitors by 72.8 percent, semiconductor goods by 65.4 percent, computer parts by 54.1 percent. and mobile handsets by 30.1 percent.
Imports of portable computers, monitors, and display appliances sharply rose, while those of cellular phones, digital TVs, and personal computers shrank.
Meanwhile, South Korean digital electronics makers suffered deficits in trade with only two countries -- Japan and Malaysia. (Yonhap)
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