South Korean exports of information and communication technology (ICT) goods hit a record monthly volume of $20.2 billion in August thanks to an extended boom in Korea’s key mainstay components - memory chips and display panels.

The Ministry of Science and ICT said Monday the country’s shipments of ICT products totaled $20.2 billion in August, up 15.5 percent from the same period a year earlier to extend its double-digit growth streak for the 21st straight month.

This is an all-time high since the data started being compiled in January 1996. The previous record was $19.3 billion of September last year.

Semiconductors continued to drive export growth, surging 30.4 percent on year to reach $11.6 billion, a record high. In particular, shipments of memory chips including DRAM jumped 42.5 percent to $8.6 billion.

Display exports gained 5.8 percent to $2.96 billion, helped by the shift to the more expensive but technologically advanced organic light-emitting diode (OLED) screens.

Meanwhile handset shipments sank 19.7 percent to $1.32 billion, losing ground for the fourth straight month amid intense competition from Chinese rivals.

China was the biggest market for Korean ICT products, with shipments rising 20 percent to a record $10.9 billion. Vietnam came second with shipments up 24.3 percent on year at $2.79 billion, followed by the European Union, up 19.5 percent at $1.03 billion.

Exports to the United States fell 1.4 percent to $1.74 billion. Shipments to Japan also slipped 0.8 percent to $320 million.

Korea’s ICT imports were up 0.4 percent at $8.65 billion in August to deliver a record trade surplus of $11.5 billion.

By Won Ho-sup and Kim Hyo-jin

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]