74% of SMEs and Mid-Sized Companies Expect Positive Export Outlook for Second Half

Small and medium-sized enterprises (SMEs) and mid-sized companies achieved more than 60% of their export targets for the first half of the year and expressed expectations for further export growth in the second half.

According to the Korea Trade-Investment Promotion Agency (KOTRA), which surveyed 313 SMEs and mid-sized companies in July, the average achievement rate of first-half exports compared to annual targets was 62.3%, as announced on the 3rd. The industrial goods sector recorded a relatively high achievement rate of 65.7%.

Regarding export prospects for the second half, 74.4% of responding companies projected that exports would either be maintained at current levels or increase. However, companies reported difficulties due to changes in the trade environment, such as tariff barriers imposed by the United States and geopolitical risks. The main challenges cited were identifying qualified buyers (70.9%), arranging company visits and consultations during overseas business trips (55.3%), and inviting buyers to Korea (52.7%).

As for countries considered for new market entry, the United States was the most frequently mentioned (26.8%), followed by Europe (17.9%), Japan (11.2%), and Southeast Asia (10.9%). This is interpreted as an effort to diversify export markets despite changes in trade order.

Regarding the export support services needed, 78.9% of responding companies pointed to 'identifying and matching with major overseas buyers.' There was also high demand for 'consulting on entry strategies for target markets' (47%) and 'local market research' (44.7%).

Reflecting these needs, KOTRA plans to operate tailored support programs in the second half of the year, including: providing market trends and trade information, consulting on strategies for entering target markets, counseling for identifying alternative markets, and year-end performance review sessions.

Kang Kyungsung, President of KOTRA, stated, "This survey clearly shows what kind of support companies need in the field of exports," and added, "We will achieve tangible export results through timely information, customized marketing, and logistics support."