November SME Exports Increase by 12.2% Year-on-Year

SME Research Institute Announces 'KOSBI SME Trends December 2020 Issue'

[Asia Economy Reporter Kim Cheol-hyun] Exports of small and medium-sized enterprises (SMEs) in November increased by 12.2% compared to the same month last year, supported by improved exports to major markets. On the 27th, the Korea Small Business Institute (President Lee Byung-heon) announced the 'KOSBI SME Trends December 2020 issue' containing this information.

The export amount set a new high for this year again following September, and the share of SMEs in total exports rose to 20.7%. The SME employment market in November also showed signs of easing sluggishness. The number of employees in SMEs with fewer than 300 workers decreased by 340,300 compared to the same month last year, with the decline narrowing compared to the previous month. The decrease in self-employed individuals also slowed compared to the previous month.

SME loans from deposit banks in November amounted to 805.2 trillion won, increasing by 7 billion won compared to the previous month, continuing the upward trend. Loans to individual business owners reached 384.1 trillion won, up by 3.9 trillion won from the previous month.

Exports have improved since September, and the sluggishness in the employment market has somewhat eased. However, with daily confirmed cases of the novel coronavirus infection (COVID-19) recently exceeding 1,000, some service industries and self-employed businesses that had hoped for year-end demand are inevitably facing management difficulties.

A representative from the Korea Small Business Institute stated, "It is necessary to seek additional measures such as direct rent support for small business owners and self-employed individuals, and early payment of disaster relief funds."

This content was produced with the assistance of AI translation services.