What Are the Key Success Factors Opening Export Paths for SMEs?

KOSME Policy Easy Issue 4 Published in the Jungjin Gong Policy Newsletter

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 15th that it has published the 4th issue of the policy newsletter 'KOSME PolicyⓔKnowledge (Easy)'. This issue featured a special article titled 'Turning Crisis into Opportunity, Success Keywords Opening Export Paths for SMEs.'

According to SBC, small and medium-sized enterprises (SMEs) play a key role in overcoming export crises, acting as a buffer during export downturns and as a catalyst during growth periods. In the third quarter, exports reached $28.8 billion, a 13.2% increase compared to the same period last year, marking the highest level ever recorded for the third quarter, maintaining growth despite the global export crisis caused by COVID-19.

SBC identified the uncertainties in the export environment for SMEs as ▲ logistics, raw material prices, and parts supply ▲ global economic market uncertainties such as tapering and exchange rate increases ▲ global value chain restructuring ▲ paradigm shifts including ESG and digitalization.

As export response strategies for SMEs, SBC suggested utilizing government-wide export promotion policies, strengthening non-face-to-face and online export marketing, implementing global standards such as ESG management, and investing in research and development to secure technological competitiveness. Additionally, it recommended leveraging SBC’s local entry support infrastructure operating in major global hubs to verify the localization potential of business models or to establish market entry strategies.

As policy implications, SBC emphasized the need for short-term responses centered on government support such as expanding shipping capacity and policy financing, and mid- to long-term measures to secure self-reliance through establishing a permanent logistics risk response system and improving logistics infrastructure. Alongside this, SBC proposed ▲ strengthening export support through online export platforms ▲ advancing overseas base support ▲ building a foundation for carbon neutrality and ESG management activation for export companies ▲ and establishing networks for diversifying overseas export markets.

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