Samung Galaxy Note 7 Death Drives Decline Of South Korea's Information And Communication Technology Exports

Posted: Oct 13 2016, 5:38am CDT | by , Updated: Oct 13 2016, 10:22am CDT, in News | Latest Business News


Samung Galaxy Note 7 Death Drives Decline of South Korea's Information and communication Technology Exports
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Driven by the worldwide recall of Samsung Electronics' Galaxy Note 7 smartphone over battery problems, South Korea's exports of information and communication technology (ICT) products fell at the fastest pace in four months in September, government data showed Thursday.

ICT exports reached $14.53 billion last month, down 8.5 percent from $15.88 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy, Yonhap news agency reported.

The September figure marked the fastest on-year decline since May this year when it sank 10 percent on-year, with its losing streak extending to 11 straight months starting in October last year.

For the first nine months of the year, ICT exports shrank 8.8 percent on-year to $118.05 billion, showed the data.

The trade ministry attributed the sharp decline in ICT exports to the worldwide recall of Samsung Electronics Co.'s Galaxy Note 7 smartphone over battery problems.

Combined overseas sales of South Korea-made handsets and components tumbled 33.8 per cent last month from a year earlier, while outbound shipments of mobile phones alone plunged 44.8 percent on-year.

Samsung announced a global recall of the Note 7 last month after some of the smartphones caught fire. 

But the world's largest manufacturer of smartphones finally decided this week to terminate the production of the model, days after resuming the sales of the replaced version, which kept causing similar problems.

Exports of semiconductors also backtracked 2.6 per cent on-year drop in September, with shipments of flat displays and panels falling 3.9 per cent last month, the report said.

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