South Korea’s tech trade registers second-highest total of $29 billion in 2020: data

South Korea’s tech trade hit the second-highest figure on record at $29.9 billion in 2020, down 5.5% from a year earlier, government data showed on Friday. .

Technology trade refers to the country’s international technology transactions, such as the use of patents, licenses and technical services, as opposed to technology products, according to the Ministry of Science and ICT.

The Ministry of ICT said outward technology transfers amounted to $12.8 billion in 2020, compared to imports of $17.1 billion, resulting in a trade deficit of $4.3 billion which highlights highlights South Korea’s dependence on foreign technology.

The ratio of technology exports to imports fell to 0.75 in 2020 after hitting a record high of 0.77 the previous year.

By country, South Korea had the largest technology trade with the United States at $8.43 billion, accounting for 28.2% of the year’s total.

South Korea also recorded a $3.32 billion technology trade deficit with the United States, with ministry data showing that US technology accounted for 34.4% of South Korea’s total inbound technology transfers. .

China became the biggest tech export destination in 2020, overtaking the United States from a year earlier as outbound transfers jumped 17.3% year-on-year to $3 billion thanks to increasing content exports.

In terms of technology trade surplus, South Korea had the largest surplus with China last year, at $2.4 billion. (Yonhap)