South Korea's technology exports rise 10.5 percent in 2007
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[January 06, 2008]

South Korea's technology exports rise 10.5 percent in 2007

(Associated Press WorldStream Via Thomson Dialog NewsEdge) SEOUL, South Korea_South Korea's information technology exports rose 10.5 percent in 2007 to US$125.13 billion (84.8 billion), helped by strong exports of mobile phone handsets and flat panel displays, the government said Sunday.



"Korea achieved a double-digit growth in IT exports for two straight years despite unfriendly environments such as a strong won and lower product prices last year," the Ministry of Information and Communication said in a statement.

A stronger won, the country's currency, can make South Korean exports more expensive in overseas markets and reduce the value of manufacturer profits earned abroad when they are converted into won.



In 2007, exports of mobile phones climbed 13.1 percent to US$28.70 billion (19.5 billion) on higher demand in emerging markets such as Eastern Europe and the Middle East, the statement said.

Shipments of flat panels used for televisions and computer monitors jumped 29.8 percent to US$21.85 billion (14.8 billion), it said.

The ministry forecast exports of semiconductors, which showed low on-year growth of 5.2 percent to US$39.29 billion (26.6 billion) in 2007, will improve in the second half of 2008 when chip oversupply is expected to be resolved.

Last year, information technology imports rose 9.9 percent on year to US$64.80 billion (43.9 billion), resulting in a record trade surplus for the segment of US$60.4 billion (40.9 billion), the ministry said.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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