SMEs' exports hit record high of $114.6 bil.

The Korea Times

The Korea Times

Finance

Mon, December 4, 2023 | 16:14

Economy

SMEs' exports hit record high of $114.6 bil.

Posted : 2019-01-20 17:01

Updated : 2019-01-20 17:38

Exports by small- and medium-sized enterprises (SMEs) reached a record high of $114.6 billion in 2018 / Yonhap

By Kim Jae-kyoung

Exports by small- and medium-sized enterprises (SMEs) reached a record high of $114.6 billion in 2018 on the back of the booming global manufacturing industry, the minister of SMEs and startups said, Sunday.

The figure is the largest amount in history, up 8 percent from a year ago. It was the second consecutive year of the external shipments exceeding $100 billion.

The ministry said that the handsome performance was attributed to a sharp increase in consumer goods and semiconductor-related equipment.

The SMEs' exports accounted for 18.9 percent of the nation's total last year, up 0.4 percentage points from a year before.

By product, plastics, cosmetics, auto parts and equipment for chip production showed outstanding performance. The SMEs' top 10 export products accounted for 32.1 percent of the total.

External shipments of equipment for chip manufacturing jumped by 34 percent to $3.1 billion, while auto parts' exports grew by 2.5 percent to $4.9 billion.

Cosmetics exports rose by 27.7 percent to $4.8 billion thanks to the growing popularity of Korean popular culture.

The ministry said the number of SMEs stood at 94,589, the highest figure and up 2.4 percent from the previous year.

kjk@koreatimes.co.kr

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