The Ministry of SMEs and Startups on Jan. 20 announced that small and medium enterprises last year saw exports jump 16.2% to USD 117.1 billion. (Yonhap News)
By Elias Molina and Lee Jihae
Small and medium enterprises (SMEs) last year posted a record-high export volume.
The Ministry of SMEs and Startups on Jan. 20 announced the export results last year of such businesses and the ministry's plan to aid such shipments this year.
SME exports last year jumped 16.2% from 2020 to USD 117.1 billion, their first double-digit growth since related statistics began to be recorded in 2010.
A combined 2,294 SMEs achieved exports of USD 10 million, 250 USD 50 million and 66 USD 100 million, all record highs in the number of businesses.
By business type, venture companies, startups and small businesses all saw export growth. Venture exports reached USD 22.8 billion to account for 19.5% of SME exports and startups USD 22.3 billion for 19.1%. Small businesses saw exports grow 19.2% to USD 11.1 billion.
By item, plastic products posted the highest export volume with USD 5.9 billion, followed by cosmetics (USD 5.3 billion), auto components (USD 4.1 billion), synthetic resin (USD 4.1 billion), equipment for manufacturing semiconductors (4 billion), medical supplies (USD 3.3 billion) and semiconductors (USD 3.3 billion).
By market, China took in the most SME exports from Korea with USD 25.2 billion. The U.S. (USD 15 billion), Vietnam (USD 11.4 billion), Japan (10.2 billion) and Hong Kong (USD 3.7 billion) rounded out the top five.
SME exports online soared 91.7% to USD 670 million and the number of online exporting SMEs surged 92.7% to 3,148. Among SMEs, online exports of venture companies rose 9.7% to USD 22.8 billion, those of startups grew 16.2% to USD 22.3 billion and those of small businesses jumped 19.2% to USD 11.1 billion.
Vice Minister of SMEs and Startups Kang Sung-cheon said, "Despite the difficult environment, exporting SME venture companies turned crisis into opportunity to show a record-breaking performance over the past decade."
"We will actively strive to ensure that exporting SMEs can maintain their growth momentum this year."
eliasmolina@korea.kr
