As reported by the Joongang Daily, Korea's IT exports hit an all time record of $153.9 billion, more than double the volume of IT exports in 2003. The nation's trade surplus in the information technology sector was also a record at $78.2 billion. Semiconductor exports were the single biggest export item for South Korea, totaling $50.7 billion. Exports of flat screens reached $33.8 billion dollars, making them the fourth largest export item, following ships and automobiles. Exports of televisions increased 42.6 percent to $7.4 billion. Despite a late-year surge in exports of smart phones, overall exports of mobile phones decreased by 13.7 percent during the year, but they still totaled $24.7 billion. Ministry of Knowledge Economy sources are predicting that IT exports will increase between five and ten percent this year and reach $160 billion. Further evidence that the ICT sector and certain key technologies that anchor the information age are the main drivers of South Korea's export-led economy.