Ministry of SMEs and Startups Announces 2022 Survey Results on Small and Medium Enterprises
The total sales of small and medium-sized enterprises (SMEs) in South Korea in 2022 amounted to 2,275 trillion won, marking a 13.6% increase compared to the previous year.
On the 18th, the Ministry of SMEs and Startups announced the results of the "2022 SME Survey," which includes this information. This survey is conducted annually to grasp the overall status of SMEs, including sales and workforce, and to use the data as a basis for establishing support policies.
According to the survey results, the total sales of SMEs in 2022 reached 2,275 trillion won, an increase of 27.2 trillion won from the previous year. Both manufacturing (up 5.9%) and service sectors (up 17.9%) saw growth. Within manufacturing, beverages (up 19.6%) and industrial machinery and equipment repair (up 13.8%) showed notable increases, while in the service sector, professional, scientific, and technical services (up 34.2%) and accommodation and food services (up 26.6%) exhibited strong growth. The average sales per company were 4.29 billion won in manufacturing, up 50 million won from the previous year, and 2.65 billion won in services, up 250 million won.
Regarding the average number of employees in SMEs, manufacturing had 14.7 employees on average, a decrease of 0.6 from the previous year. The service sector maintained the same average of 9.0 employees. By detailed industry, manufacturing saw decreases in medical substances and pharmaceuticals (down 3.7 employees) and printing and media reproduction (down 2.1 employees). In services, business facility management, business support, and rental services (down 3.5 employees) and information and communications (down 1.9 employees) decreased, while professional services (up 2.2 employees) and wholesale and retail trade (up 0.2%) increased.
The total investment amount by SMEs was 104.8 trillion won, an increase of 9.5 trillion won compared to the previous year. Both facility investment (up 11.8%) and research and development investment (up 2.2%) increased, with manufacturing up 7.8% and services up 12.0% by sector.
The average business age of SMEs was 13.5 years in manufacturing (up 0.5 years) and 12.1 years in services (up 0.6 years). The average age of business owners was 55.3 years in manufacturing (up 0.5 years) and 53.0 years in services (up 0.7 years).
Park Jong-chan, Director of SME Policy at the Ministry of SMEs and Startups, stated, "The SME Survey helps us understand the mid- to long-term changes in South Korea's SMEs and serves as an important reference for reviewing the effectiveness of related policies and establishing new ones." He added, "We will continue to make efforts to ensure that the SME Survey is widely utilized in policy fields."
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