Small and medium-sized enterprise exports in the first half of the year amount to $57.1 billion, the highest in the first half of the year in history, “A green light has been turned on for domestic small and medium-sized enterprise exports. Exports have increased for three consecutive quarters, with the number of small and medium-sized enterprises participating in exports also reaching a record high for the first half of the year.”,
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, “On the 24th, the Ministry of SMEs and Startups announced the ‘Trends in Small and Medium-sized Enterprise Exports in the First Half and Second Quarter of 2024.’ SME exports in the first half of this year totaled $57.1 billion, an increase of 4.4% compared to the same period last year. SME exports have turned positive since the fourth quarter of last year (+1.6%) and continued to increase through the second quarter of this year, marking three consecutive quarters of export growth. The number of SMEs participating in exports increased by 1.2% year-on-year to 77,078 companies.”,
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, “Among the top 10 export items of small and medium-sized enterprises in the first half of the year, 8 items showed an increase compared to the previous year. Cosmetics, the top export item for SMEs, recorded the highest export amount in the first half of the year at $3.3 billion, a 30.8% increase from the previous year. The diversification of export markets to emerging markets, in addition to the traditional markets of the U.S. and China, is analyzed as a key factor contributing to the growth. In addition, due to the improvement in the semiconductor market, semiconductor manufacturing equipment, ranked fifth ($1.9 billion), competed for the highest export amount in the first half of the year, and electronic applied devices ($1.3 billion) also achieved the highest export amount in the first half of the year thanks to the favorable export to the U.S.”,
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“In the first half of the year, exports to 7 out of the top 10 export countries for SMEs increased compared to the previous year. The U.S. surpassed China, which was the top export country in the first half of the year, and became the top export market. The U.S. recorded the highest export amount in the first half of the year with increases in cosmetics (61.5%), other machinery (170.1%), and electric power equipment (59.3%). In addition, emerging markets such as Mexico and Thailand recorded their highest export amounts in the first half of the year. Mexico emerged as a North American production hub due to nearshoring, with prominent exports of automotive parts, molds, and other products, while Thailand showed strength in exports of seaweed, cosmetics, including K-food and K-beauty, amid their popularity.”,
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“In the second quarter of this year, SME exports reached $29.3 billion, an increase of 5.1% compared to the previous year. The growth trend continued in April and May compared to the same months last year, but June saw a slight decline. Among the top 10 export items for SMEs in the second quarter, 7 items showed an increase. The top export item, cosmetics, recorded its best performance in the second quarter ever, with strong export growth to its major market, the U.S., and double-digit export growth rates to Japan, Vietnam, and Hong Kong. The fifth-ranked item, semiconductor manufacturing equipment (26.8%), saw significant growth to major export markets China, the Netherlands, the U.S., and Taiwan due to the recovery of the semiconductor industry.”,
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“Exports to 8 out of the top 10 export countries for SMEs increased in the second quarter. China ranked first as an export country in the second quarter. However, China saw a decrease in the export value of major export items such as cosmetics and plastic products. Export to the second-ranked country, the U.S., reached a record high in the second quarter ever and has been increasing for four consecutive quarters since the third quarter of last year, expanding its share of exports. Mexico, ranking eighth as an export country, achieved its best performance in the second quarter ever with significant growth in exports of intermediate goods for manufacturing industries such as automotive parts, industrial electrical equipment, molds, and other machinery.”,
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“Choi Won-young, Director of Global Growth Policy at the Ministry of SMEs and Startups, said, ‘Compared to the previous year when exports were relatively sluggish, exports have shown an increasing trend since the beginning of this year, and the growth of cosmetics, the top export item among SMEs, is particularly prominent.’ He added, ‘The government will focus on developing measures to expand exports of key export items for SMEs and contribute to achieving the total export target of $700 billion in 2024.'”