Small South Korean exporters number record 77,000

[Photo by Yonhap]

The number of small and medium-sized exporters in South Korea now total a record high of 77,078 companies in the first half of 2024. This surge in SME exports was primarily driven by the cosmetics and semiconductor equipment sectors.

According to a report released by the Ministry of SMEs and Startups on Wednesday, South Korean exports by SMEs totaled $57.1 billion in the first half of 2024, up 4.4 percent from a year ago. The top export item, cosmetics, saw a record-breaking half-year export value of $3.3 billion and SME exports have been on an upward trajectory for three consecutive quarters since the fourth quarter of 2023.

Eight out of the top ten export items saw year-on-year growth. Cosmetics, the leading export product, saw its market diversify beyond its mainstays of the United States and China, expanding into emerging markets such as Southeast Asia.

The semiconductor market’s improved conditions contributed significantly to the growth of semiconductor manufacturing equipment exports, which rose by 14.7 percent on-year to $1.9 billion, making it the fifth-largest export item. The growth trend was particularly notable among major export destinations. The United States overtook China as the top destination for Korean exports, highlighting a shift in export dynamics.