The Small & Medium Business Administration (SMBA) announced on April 4 that the monthly exports of South Korean small and midsize enterprises increased 0.6% year on year to US$14 billion in February this year.
It added that the ratio of their exports to South Korea’s total exports increased by 4.9 percentage points to 38.4% during the same period. “In that month, they showed the first year-on-year increase in exports in eight months,” the SMBA explained.
Their cumulative exports for the first two months of this year totaled US$27.89 billion, 6.5% less than a year ago, while the number of small and midsize enterprises that exported their products in January and February rose by 1,174 to 51,840 during the period. Specifically, the number of such midsize enterprises decreased by 120 whereas that of their smaller counterparts increased by 1,294.
By export item, the export of ships, components for wireless communication and cosmetics showed some improvements unlike that of semiconductor, steel products and pharmaceuticals. By export destination, the export to the EU, the Middle East and India increased on the contrary to that to China, Hong Kong and ASEAN member countries.