Korea ranks third in ICT exports

Korea ranks third in ICT exports

Exports of information and communications technology products by South Korean companies totaled $71 billion during the January-May period, according to the Institute for Information and Communications Technology Promotion, a state-run organization.

The figure is the third largest in the world after China and the U.S. at $437 billion and $105 billion, respectively.

Korea moved up one notch from last year’s position by outpacing Germany’s ICT exports, which stood at $69 billion in the five-month period. Japan came fifth with $54 billion.

China and Korea were the only nations that recorded positive growth rates in ICT exports during the cited period at 1.4 percent and 0.3 percent, respectively.

The ICT business serves as the economic backbone for Korea, and its importance is on the rise while other business sectors are suffering from the sluggish overall economic growth.

Source:http://www.koreaherald.com/view.php?ud=20151006001094

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