Korea Posts Large Digital Electronics Trade Surplus in 2007

The news is out. According to the Ministry of Commerce, Industry and Energy (MOCIE), Korea’s trade surplus in the digital electronics sector reached a record $57.1 billion in 2007, fueled by strong global demand for display panels and semiconductors. Total exports of digital electronics rose 8.9 percent year-on-year to $124.9 billion, while imports gained 10.1 percent to $67.8 billion. Exports of liquid-crystal display panels rose 36.4 percent over 2006. According to the Ministry Korea’s total exports rose 14.2% year-on-year to USD $371.8 billion in 2007. Digital electronics accounted for $124.9 billion or 33.6 percent South Korea's total exports. More evidence, if any were needed, that information and communication technology is the primary growth engine of Korea's economy today. This is especially true since exports of digital electronics do not factor in their influence on other leading export sectors such as automobiles, steel, general machinery or shipbuilding.