The Ministry of Commerce, Industry and Energy (MOCIE) hosted a seminar highlighting some of the latest developments in the digital electronics industry.
Despite some concerns that the global electronics industry may be in for a slump in 2005, Korea’s digital electronics output is predicted to record double-digit growth, aided by the popularity of home appliances, mobile phones, flat panel displays, and flash memory chips.
On June 3, some 300 industry leaders and experts participated in the “6th
Digital Electronics Outlook Forecast Seminar” in Seoul to explore the latest trends and discuss ways to further develop the digital electronics industry. To better understand the current trends, many industry experts presented their findings as part of a comprehensive survey on 30 promising digital products ranging from digital appliances, telecommunication devices, mobile phones, and network devices among others.
Outlook
The global electronics sector is forecast to become a USD $1.066 trillion industry in 2005, with a relatively sluggish year-on-year growth of 2.7%.
On the other hand, the domestic demand for Korean electronics will likely reach 172.603 trillion won with year-on-year growth of 10.8% in 2005.
(USD $1 = Korean Won 1012.8)
< Korea ’ s electronics industry: current status and future prospects>
Year
Category Amount
2003
Growth rate
(%)
Amount
2004
Growth rate(%)
2005(forecast)
Amount
Growth rate(%)
Exports
(USD$, billion)
Imports
74.661
44.448
22.1
17.5
96.650
51,920
29.4
16.8
113.894
58.262
17.8
12.2

(USD$, billion)
Output
(KW, trillion)
Domestic sales (KW, trillion)
181.409
140.969
12.9
10.8
214.418
155.836
* Figures compiled by KOTIS. (May 2005)
* 1 USD dollar equals 1012.8 Korean won (KW)
18.2
10.5
238.492
172.603
11.2
10.8
The electronics industry is a major engine propelling Korea’s export growth, accounting for 38.1% of the nation’s total exports in 2004. Mobile phones, digital home appliances, LCDs, and telecommunications devices are some of the nation’s key export items.
Trends: Convergence, a new paradigm for the 21 st century
“Convergence,” “fusion,” and “ubiquitous” were some of important buzzwords at the MOCIE-led seminar. Experts predicted that the trend of digital convergence, where different electronics products merge with each other, will be widely popular as seen in MP3-enabled phones, camcorderequipped digital cameras, and such. This will result in increased convenience and ubiquity of information for consumers as they can access information and communications services anytime, anywhere.