S Korea's IT exports reach USD 121 billion in 2009

Overseas shipments of IT products reached USD 121.0 billion last year while imports decreased 15.7 per cent on-year to USD 62.0 billion, resulting in a trade surplus of USD 59.0 billion, according to the report by the Ministry of Knowledge Economy.
The 2009 trade surplus is the second largest tallied since the USD 60.3 billion reported in 2007, it said.

"Despite the drop in export volume, South Korea's IT sector expanded its global market presence in such key areas as displays, semiconductors, and mobile phones," said Seo Seok-jin, head of the ministry's IT policy coordination division.

He said that while outbound shipments of semiconductors and mobile phones fell 5.3 per cent and 14.2 per cent on-year in 2009 to USD 31.0 billion and USD 28.6 billion, respectively, both have solidified global market control. South Korean DRAMs accounted for 56.9 per cent of the world's total, while roughly a third of all mobile phones sold were Korean made products.

Display panels grew 3.2 per cent on-year to USD 26.5 billion buoyed by dominance of local companies like Samsung and LG in this field.

The 2009 rise is attributed to increased car purchases bolstered by the government's tax incentives given to those seeking to replace old vehicles with new ones