Korea's smartphone production moves overseas

Korea's exports of smartphones decreased in May as its leading manufacturers continued to shift their production overseas.  (click on the accompanying graphic to see a full size version)  As reported by The Joongang Daily, two government ministries reported that "Korean smartphone manufacturers'expansion of their overseas production lines in China and Vietnam is negatively affecting the nation's ICT exports and contributing to reduced exports of completed smartphones. The Ministry of Trade, Industry and Energy and the Ministry of Science, ICT and Future Planning announced that Korea’s ICT exports recorded $14 billion in May, down 7.5 percent compared to the same period last year." Furthermore, a study released by the Korean Import-Export Bank late last month indicated that Samsung aimed to produce about 80 percent of its smartphones in Vietnam.