In May 2024, information and communications technology (ICT) exports showed robust performance across all categories, including semiconductors, displays, and mobile phones, achieving a 30% increase for two consecutive months.

The Ministry of Trade, Industry and Energy announced on the 17th the information and communications technology (ICT) industry export and import trends for May 2024.

According to this, exports in May reached $19.05 billion, a 31.8% increase year-on-year. Imports rose 2.4% year-on-year to $11.48 billion, resulting in a trade surplus of $7.57 billion.

Looking at export performance by product, semiconductor exports reached $11.39 billion, a 52.4% increase year-on-year. Driven by increased demand for semiconductors driven by the growth of the artificial intelligence (AI) market and the recovery of the IT device market, overall semiconductor exports have maintained double-digit growth for seven consecutive months.

In particular, memory increased significantly year-on-year due to rising fixed transaction prices and increased demand for high value-added items such as HBM, expanding the growth rate of semiconductor exports.

Display sales reached $1.85 billion, up 15.3% year-on-year. As demand for IT devices such as TVs and PCs recovered, exports of organic light-emitting diodes (OLEDs) and liquid crystal displays (LCDs) simultaneously increased, leading to double-digit growth in overall display exports for four consecutive months.

Mobile phone exports reached $1.02 billion, up 10.8% year-on-year. Overall mobile phone exports rose by double digits, driven by increased exports of components ($700 million, up 15.3%) to major mobile phone manufacturing regions such as China (including Hong Kong) and Vietnam, as well as increased exports of finished products ($330 million, up 2.2%) to Europe and elsewhere.

Computer and peripheral equipment exports increased 42.5% year-on-year to $1.18 billion. Driven by increased investment in servers and data centers and rising demand for PCs and other devices, exports of computers (up $90 million, 5.2%) and peripheral equipment (up $1.09 billion, 46.8%) simultaneously increased, marking the fifth consecutive month of growth in overall computer and peripheral equipment exports.

Telecommunications equipment exports decreased 10.7% year-on-year to $180 million. While some regions, such as Vietnam (up $40 million, 12.6%), saw increases, overall exports declined due to declines in China (including Hong Kong, up $20 million, 36.8%) and the United States (up $30 million, 15.8%).

Looking at export performance by region, China's exports increased by 35.3% year-on-year to $8.13 billion, and Vietnam's increased by 30.6% year-on-year to $3.07 billion.

The United States increased by 20.7% year-on-year to $2.14 billion, and the European Union increased by 21.3% year-on-year to $1.09 billion.

Japan's figure was $300 million, down 19.5% year-on-year.