S. Korea's IT exports to grow 3.1 %

South Korean exports of information technology (IT) products are expected to grow 3.1 percent on-year to US$158 billion this year, an industry expert said Thursday. Jeon Sang-hun, vice chairman of the Korea Electronics Association, also said overall production of the country's IT industry is likely to increase 2.6 percent on-year to 330 trillion won ($285 billion) this year. He said the industry will further grow in 2012 with its total output rising 4.4 percent to 345 trillion won and its exports surging 6.4 percent to $168.8 billion. "The global IT market in 2012 will likely show a slower growth (than this year) of about 5 percent due to an economic slowdown of developed markets such as the United States and Europe," Jeon said. "The country's IT production, however, will continue to grow on the expansion of its export markets to newly developing countries and growing domestic demand for smart devices." The remarks came at an international conference held on the sidelines of the Smart Korea 2011, an annual IT show, where some 850 IT companies from 12 countries were taking part to promote their latest products and services. South Korea's IT exports in the January-September period rose 3.8 percent from the same period last year to a new nine-month high of $117.55 billion, the Ministry of Knowledge Economy said earlier.