Number of SMEs in Korea Reaches 8,298,915
Employees Total 19,117,649
According to a recent survey, the number of small and medium-sized enterprises (SMEs) and their employees in South Korea increased compared to the previous year, while sales figures declined.
On August 29, the Ministry of SMEs and Startups announced the results of the 2023 Basic Statistics on SMEs. The survey found that the number of SMEs in South Korea reached 8,298,915, marking a 3.2% increase from the previous year. The number of employees rose by 0.9% year-on-year to 19,117,649. However, total sales during the same period amounted to 3,301.2545 trillion won, representing a 0.2% decrease.
By industry, the number of companies increased in wholesale and retail trade (up 14.8%), electricity, gas, and steam supply (up 17.0%), information and communications (up 12.2%), and professional, scientific, and technical services (up 7.4%). However, the number of companies in manufacturing (down 2.6%) and mining (down 3.2%) declined.
The number of employees increased in 11 sectors, including wholesale and retail trade (up 2.3%) and accommodation and food services (up 2.5%). In contrast, seven sectors saw a decrease, including transportation and warehousing (down 4.6%) and manufacturing (down 0.5%).
Sales by industry rose in 11 sectors, such as accommodation and food services (up 8.7%) and finance and insurance (up 17.9%). However, sales decreased in seven sectors, including manufacturing (down 1.9%) and wholesale and retail trade (down 1.3%).
By region, the number of companies located in the Seoul metropolitan area reached 4,362,179, a 3.7% increase from the previous year. In non-metropolitan areas, the number rose by 2.6% to 3,936,736, indicating a higher growth rate in the metropolitan area.
By organizational type, the number of sole proprietorships increased by 3.1% year-on-year to 7,243,536, while the number of incorporated companies rose by 3.6% to 1,055,379.
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