Ministry of SMEs and Startups Announces 'Q1 SME Export Trends'
Exports Increase in 7 of Top 10 Major Export Countries
In the first quarter of this year, exports by small and medium-sized enterprises (SMEs) recorded an increase, marking a rebound for the second consecutive quarter.
The Ministry of SMEs and Startups announced the ‘2024 First Quarter SME Export Trends’ on the 28th, containing this information.
SME exports in the first quarter amounted to $27.76 billion, up 3.6% compared to the same period last year. The main reasons for the increase in SME exports include strong export performance of key products centered on cosmetics and plastic products. Additionally, the demand increase due to the economic boom in the United States, a major market, also contributed.
SME exports, which turned positive (+) from the fourth quarter of last year (1.6%), continued to increase in the first quarter of this year, maintaining a rebound trend for two consecutive quarters.
Looking at the first quarter by month, SME exports in January rose sharply by 18.2% compared to the same period last year. However, exports slightly decreased in February (-1.0%) and March (-3.7%) due to a reduction in the number of working days. The number of working days per month increased by 2.5 days in January compared to the previous year but decreased by 1.5 days each in February and March.
Among the top 10 major export items of SMEs, exports of seven items including cosmetics, plastic products, automobile parts, semiconductor manufacturing equipment, other machinery, semiconductors, and electronic application devices increased compared to the same period last year. In particular, exports of cosmetics to China turned positive, and among the top 10 countries, eight countries showed double-digit growth rates, making cosmetics the top export item.
Among the top 10 major export countries, exports increased compared to the same period last year in seven countries including the United States, Vietnam, Russia, Hong Kong, India, Mexico, and Taiwan. Exports of other machinery and automobile parts increased due to the economic boom in the United States, which recorded the highest export amount in the first quarter, and the investment expansion trend following industrial policies. Cosmetics exports also continued their strong performance, growing 24.5% compared to the same period last year.
Choi Won-young, Director of Global Growth Policy at the Ministry of SMEs and Startups, said, “SME exports, which turned positive from the fourth quarter of last year, are showing an increasing trend through the strong export performance of key items such as cosmetics until the first quarter of this year,” adding, “We will make every effort to sustain the export boom this year.”
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