IT boosts Korean exports
Cut price IT sees surplus grow
South Korea expects its IT exports to reach almost $50 billion this year. The country's Ministry of Information and Communication said yesterday that total exports would rise 8.9 per cent on last year to $157 billion. IT exports were forecast to increase by 14 per cent to $44.5 billion. Imports for the sector were expected to climb 22 per cent on last year to $31 billion, creating a trade surplus of $13.5 billion, the Korea Herald reported. The export of code division multiply access (CDMA) handsets and wireless kit outstripped growth in the traditional PC market in 1999, the ministry said. CDMAs worth over $2 billion were exported last year, up 270 per cent on 1998, while wireless equipment saw a 118 per cent jump. PC equipment exports showed a 46 per cent increase over the previous year, with Korean vendors cashing in on the low-end PC market in the US. Chip exports rose by 11 per cent. ® Related stories: Korean IT sector has a bumper 1999
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