Last Year, 95,229 Exporting SMEs Hit Record High... 1.1% Increase Year-on-Year

[Asia Economy Reporter Kim Daeseop] Last year, the number of export small and medium-sized enterprises (SMEs) reached 95,229, an increase of 1,067 (1.1%) compared to the previous year. Despite challenging domestic and international conditions, this marked the ninth consecutive year of growth since 2010, setting a record high.

According to the '2019 SME Export Trends' announced by the Ministry of SMEs and Startups on the 27th, the total number of export companies (SMEs, mid-sized, and large enterprises) last year was 98,584. Among them, SMEs accounted for 96.6%.

Last year, the export volume of SMEs was $100.9 billion, a 4.1% decrease from $105.2 billion the previous year. This decline was influenced by the US-China trade dispute and price drops in major export items. However, exports decreased compared to the same period last year during the first to third quarters but turned to an upward trend in the fourth quarter.

Exports to major countries such as China (down 6.2%) and the United States (down 1.9%) decreased. Exports to Poland (+79.1%) and Hungary (+133.7%) increased. In particular, plastic products ranked first among SME export products, exporting $5.19 billion, influenced by domestic large companies establishing and operating electric vehicle battery plants locally in Europe, including Poland.

No Yongseok, Director of Global Growth Policy at the Ministry of SMEs and Startups, emphasized, "Despite the 13 consecutive months of decline in South Korea's total exports due to the US-China trade dispute, Hong Kong protests causing economic contraction in the Greater China region, and semiconductor industry downturn caused by Japan's export restrictions, SME exports rebounded with an increase in December last year."

He added, "This is the result of South Korean SMEs' consistent efforts to enter the global market, as seen in the nine consecutive years of increase in the number of export SMEs."