S. Korea cell phone exports likely to hit record<\/p>\n
Associated Press, Seoul<\/p>\n
South Korea is expected to export a record US$14.5 billion
\nworth of cellular phones this year in a major boost to the
\ncountry's economic recovery efforts, the Yonhap news agency said
\non Friday.<\/p>\n
South Korea exported 112 million cell phones worth $9.6
\nbillion last year, accounting for 26.8 percent of worldwide
\nproduction.<\/p>\n
In the first eight months of this year, cellular phone exports
\njumped 36.1 percent compared to the same period last year to
\n$7.45 billion, Yonhap said, quoting officials at the Ministry of
\nInformation and Communication.<\/p>\n
The officials predicted that shipments will pick up during the
\nremaining three months, helping prop up the nation's slumping
\neconomy, Yonhap said. The country's gross domestic product - the
\nsum of goods and services produced - is expected to be under 3
\npercent this year, compared to 6.3 percent last year.<\/p>\n
The companies leading the export growth are Samsung
\nElectronics Co. and LG Electronics Co., which together are
\nexpected to ship more than $10 billion worth of cell phones this
\nyear.<\/p>\n
Samsung Electronics, the world's third-largest handset vendor,
\nsaid that it can reach its sales target of $7.27 billion this
\nyear, helped by expanded demand in the North American and Middle
\nEast markets.<\/p>\n
Samsung Electronics also plans to sell smart phones, which
\nfeature an operating system for running software in handsets, in
\nNorth America in the third-quarter.<\/p>\n
LG Electronics, the world's sixth-largest handset maker, also
\ntargets $2.73 billion in cell phone exports this year, Yonhap
\nsaid.<\/p>\n
LG Electronics officials said its cell phone exports to the
\nUnited States are expected to far exceed expectations, helped by
\naggressive marketing campaigns by the country's two wireless
\ngiants -Verizon Wireless and Sprint PCS - and faster-than-
\nexpected handset replacements as more consumers are switching to
\ncamera-equipped phones, Yonhap said.<\/p>\n
Meanwhile, Pantech & Curitel Co., South Korea's third-largest
\nmobile handset maker, said on Friday it has received an order to
\nexport 2.6 million cell phones worth $430 million to American
\ndistributor Audiovox Corp. The CDMA-based phones would include
\ncolor screens and built-in cameras.<\/p>\n
"The deal provides us a stable foothold to enter the U.S.
\nmobile phone market," the company said in a statement.<\/p>\n
"This is our first shipment of high-quality phones to the U.S.
\nmarket and we want to expand sales further in the future," Song
\nMoon-seop, a chief executive of the company, said in the
\nstatement.<\/p>",
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