June SME Exports $9.77 Billion... Up 3.1% YoY

[Image source=Yonhap News]

Last month, exports by small and medium-sized enterprises (SMEs) slightly increased, supported by strong exports of automobiles and cosmetics.

According to the July issue of 'KOSI SME Trends' released on the 31st by the Korea Institute of Startup & Entrepreneurship Development, SME export value last month was $9.77 billion (approximately 12.43 trillion KRW), up 3.1% compared to the same period last year. SME export values in March, April, and May decreased by 9.1%, 6.0%, and 5.7% respectively compared to the same months last year, but last month turned positive after four months.

Automobile exports increased by 171.5% year-on-year, and cosmetics exports rose by 31.1%. By country, exports to the United States (5.9%) and Japan (0.5%) increased, while exports to China (-5.5%), Vietnam (-4%), and Hong Kong (-7.7%) decreased.

The number of employees in SMEs last month was 25.701 million, an increase of 219,000 compared to the same month last year. SME manufacturing production in April and May decreased by 2.5% and 0.4% respectively compared to the same months last year.

In the case of SME service sector production, it increased by 0.7% in April compared to the same month last year but decreased by 0.3% in May.

The number of startup companies in May was 107,598, down 7.1% compared to the same month last year.

An official from the Korea Institute of Startup & Entrepreneurship Development said, "As the decline in startup companies continues, policy authorities need to encourage technology startups and promote innovation in SMEs to enhance market dynamism."

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