According to the data compiled by the Ministry of Trade, Industry and Energy, overseas shipments of semiconductor chips in February soared by 56.6% from a year ago to US$6.5 billion, representing 25% of Korean IT exports, which surged 22.8% compared to the same period of 2016 to reach $14.06 billion in February.

It is for the first time that Korea’s IT exports has exceeded US$14 billion

The export boom of semiconductor chip was driven by buoying shipments of memory chips like DRAM and NAND flash memory chips. Demand for memory chip are now exploding, mainly powered by data guzzling applications like IoT, big data analysis, artificial intelligence or AI, autonomous cars, and cloud computing.

It also sent ASPs of memory chips higher, pushing up Korean memory chip makers’ profitability

Exports of displays also climbed 15.5% year-on-year to hit US$2.23 billion.

Booming demand for small and medium size OLED display panel are factored in as a driver, as a growing number of smart phone makers are adopting the life-like picture quality display technology as a de facto smart phone screen shying away from LCDs.

On the other end of the growth spectrum are booming shipment of large-size LCD screens , as large-size UHD TV panels are mainly produced by Korean display makers Samsung display and LG Display. The increased profitability of TV displays also contributed to the sales increase.

Export of computers and computer equipment soared 22.9% to US$660 million.

Overseas sales of mobile phones tumbled 25.9% from a year ago to reach US$1.5 billion aftermath of Samsung’s Galaxy Note 7 production halt and LG’s commercial failure of G6 smart phones.

By region, shipments to China and Hong Kong jumped 34.1% year-on-year in February, with exports to the European Union and Vietnam rising 37.9% and 27%, respectively. Exports to the United States tumbled 17% due to decreased shipments of mobile phones.

The ministry said rising overseas demand for South Korean semiconductors, displays and computers drove the surge in ICT exports, offsetting weak exports of mobile phones..