South Korea’s exports of information and communication technology (ICT) products reached a record monthly high in May, driven by strong demand for semiconductors and other products linked to the artificial intelligence ecosystem, the Yonhap News Agency reports.

ICT exports rose 128.9% year on year to $47.79bn in May, up from $20.88bn a year earlier, according to data released on June 14 by the Ministry of Science and ICT.

The figure marks the first time monthly ICT exports have exceeded $40bn for three consecutive months, the ministry said.

ICT imports increased 36% from a year earlier to US$15.7bn, resulting in a trade surplus of $32.09bn for the sector.

Semiconductors remained the main driver of growth. Exports of chips surged 169.2% year on year to $37.16bn, supported by continued investment in AI servers and rising memory chip prices.

Exports of computers and related equipment more than tripled from a year earlier to $4.33bn, reflecting growing demand for solid-state drives used in AI data centres.

Smartphone exports rose 15.9% year on year, while shipments of display panels edged up 2.8%.

By destination, exports to the United States jumped more than 250% to $8.1bn. Exports to China, including Hong Kong, more than doubled to $19.5bn, while shipments to Vietnam increased 90.8% from a year earlier to $6.8bn.