Declining Overseas Sales
It has been found that the overseas sales of two-thirds of the 30 largest conglomerates in South Korea are falling rapidly. Market research firm CEO Score recently looked into the domestic and overseas sales of the 1,022 subsidiaries of the 30 business groups over the past two years and announced that the overseas sales fell by no less than 47 trillion won last year.
According to the firm, the combined annual sales of the 30 groups totaled 1,231 trillion won last year, decreasing by more than 82 trillion won from a year earlier, and a decline in overseas sales accounted for 57% of the decrement. 20 out of the 30 witnessed the decline and 13 out of the 30 had to see their domestic and overseas sales fall alike.
S-Oil’s overseas sales dropped by 40% last year and it was followed by Hyosung, Lotte, GS, LS, KCC and Hyundai Heavy Industries. Those of the Samsung, SK and LG Groups fell as well whereas the Hyundai Motor Group’s edged up by 2.3%. Meanwhile, the Hanwha Group’s skyrocketed by 121.6% as a result of the acquisition of Samsung Total and Samsung General Chemicals, which have become Hanwha Total and Hanwha General Chemical, respectively. Those of KT&G and KT jumped 17.3% and 16.9%, too.