ID :
203407
Thu, 08/25/2011 - 07:30
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https://oananews.org//node/203407
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Seoul to take steps to boost IT exports
SEOUL, Aug. 25 (Yonhap) -- South Korea will take special measures to boost the country's exports of information technology (IT) products as global financial woes sparked by a downgrade of the U.S. credit rating are expected to significantly cut global demand, the government said Thursday.
The Ministry of Knowledge Economy said earlier the country's IT industry will be hit hardest by the latest global financial troubles.
"The country's IT exports reached a new seven-month high in the first seven months of the year, but the growth rate has recently been dwindling by a large margin due to cuts in shipments of major export items, including computer memory chips and display panels," the ministry said Thursday.
To minimize shocks from the shrinking global IT market, the ministry will form a special task force to check market conditions daily and devise ways to boost exports, it said.
South Korea's IT exports reached US$90.5 billion in the January-July period, up 4.8 percent from the same period last year. The ministry said the annual total will likely grow by up to 6.6 percent on-year to over $160 billion.
However, the country's shipments of its major export items had already been shrinking before the latest financial turmoil began to unfold, mainly due to a slowdown of global market growth and dwindling prices.
The global market for memory chips grew only 1.2 percent from a year earlier in the first seven months of the year while the average price of a dynamic random accessory memory (DRAM) fell to $0.8 in July from $2.6 in the same month last year, according to the ministry. The price of a display panel also fell 27.8 percent on-year to $258 from $358.
"Worsening customer sentiments due to concerns of a double-dip recession in the U.S. will likely expand uncertainties about the growth of the global IT market," it said.
bdk@yna.co.kr
(END)
The Ministry of Knowledge Economy said earlier the country's IT industry will be hit hardest by the latest global financial troubles.
"The country's IT exports reached a new seven-month high in the first seven months of the year, but the growth rate has recently been dwindling by a large margin due to cuts in shipments of major export items, including computer memory chips and display panels," the ministry said Thursday.
To minimize shocks from the shrinking global IT market, the ministry will form a special task force to check market conditions daily and devise ways to boost exports, it said.
South Korea's IT exports reached US$90.5 billion in the January-July period, up 4.8 percent from the same period last year. The ministry said the annual total will likely grow by up to 6.6 percent on-year to over $160 billion.
However, the country's shipments of its major export items had already been shrinking before the latest financial turmoil began to unfold, mainly due to a slowdown of global market growth and dwindling prices.
The global market for memory chips grew only 1.2 percent from a year earlier in the first seven months of the year while the average price of a dynamic random accessory memory (DRAM) fell to $0.8 in July from $2.6 in the same month last year, according to the ministry. The price of a display panel also fell 27.8 percent on-year to $258 from $358.
"Worsening customer sentiments due to concerns of a double-dip recession in the U.S. will likely expand uncertainties about the growth of the global IT market," it said.
bdk@yna.co.kr
(END)
