January SME Export Amount $8.8 Billion... Employment Market Slump Continues Despite Export Growth

KOSBI SME Trends February 2021 Issue
December Online Shopping Transaction Amount Hits Record High of 15.9946 Trillion Won

[Image source=Yonhap News]

[Asia Economy Reporter Kim Heeyoon] Last month, the employment downturn in small and medium-sized enterprises (SMEs) deepened further. SME exports and online transactions recorded significant growth following market recovery.

According to the 'KOSBI SME Trends February 2021' report published by the Small and Medium Business Institute on the 25th, SME exports last month amounted to $8.8 billion, an 18.4% increase compared to the same month last year. By country, exports to China (33.0%) and the United States (13.3%) showed substantial growth compared to the same month last year.

In December, online shopping transaction volume reached 15.9946 trillion KRW, marking the highest ever with a 26.1% increase compared to the same month last year. The growth was mainly driven by food services (+109.1%), food and groceries (+66.3%), and home appliances, electronics, and telecommunications devices (+56.1%).

Mobile shopping amounted to 11.1488 trillion KRW, a 33.8% increase compared to the same month last year, raising its share within online shopping to 69.7%.

The employment market for SMEs continued to experience a downturn. By age group, those aged 60 and over shifted to a decline compared to the same month last year, resulting in decreases across all age groups. Notably, the number of employed persons under 29 decreased by 338,000, the largest drop.

The Small and Medium Business Institute pointed out, "It is necessary to expand work experience support for youth in SMEs and to prepare special employment measures for small business owners and micro SMEs."

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