SME exports increase over 20%, reaching an all-time high... Diagnostic kits surge 225%

Ministry of SMEs and Startups Announces First Half Small Business Export Performance
$56.5 Billion Recorded... Cosmetics Achieve Record High Performance
Semiconductors Up 45.5%... Exports to the U.S. Increase by 15%

[Asia Economy Reporter Kim Bo-kyung] Despite the COVID-19 pandemic, exports by small and medium-sized enterprises (SMEs) increased by more than 20% in the first half of this year, marking an all-time high.

The Ministry of SMEs and Startups announced on the 21st that SME exports in the first half of this year reached $56.5 billion, a 21.5% increase compared to the same period last year. This is the highest level on a half-year basis since related statistics began in 2010. The previous record was $54.2 billion in the second half of last year.

On a monthly basis, exports have increased for eight consecutive months since November last year. In particular, the growth rates in May (38.5%) and June (30.9%) exceeded 30%.

By product category, cosmetics achieved a record high half-year performance with $2.71 billion, up 17.1%. Exports of all pharmaceuticals surged 224.9% to $1.98 billion, driven by the expansion of COVID-19 rapid diagnostic kit exports.

Additionally, automotive parts (26.1%), semiconductors (45.5%), and semiconductor manufacturing equipment (21.5%) all showed double-digit export growth rates.

By country, exports to the United States and Germany reached record highs. Exports to the U.S. increased 15.0% to $6.98 billion. The strong export performance of plastic products was supported by increased demand for automotive parts and interior goods.

Exports to Germany rose 165.0% to $1.87 billion, boosted by demand for COVID-19 diagnostic kits.

Online exports in the first half reached $560 million, a 101% increase compared to the same period last year. Online exports have increased for 18 consecutive months since January last year, and in the first half of this year, they already achieved 77% of last year's total export value ($730 million).

Online export items were mainly consumer goods related to the Korean Wave, such as cosmetics (38.7%) and clothing (16.7%). Export destinations were concentrated in countries with developed global online malls, including Japan (52.4%), China (18.1%), and the United States (17.7%).

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