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S. Korean startups' exports expand 2.5 pct in 2015

All News 10:18 January 21, 2016

SEOUL, Jan. 21 (Yonhap) -- Exports by South Korea's startup businesses grew over 2 percent in 2015 despite unfavorable overseas market conditions, data showed Thursday.

Local startups exported US$17.12 billion worth of products last year, up 2.5 percent from a year earlier, showed the data by the Korea International Trade Association.

This slowed from a 9.5 percent rise in 2014, but it still fared quite better than an 8 percent decline in the country's total exports tallied last year.

The portion of exports by startup enterprises also inched up to 3 percent of the total from the previous year's 2 percent, the data showed.

The rise was attributed to relatively brisk demand from the United States, China, Vietnam and other major markets.

In particular, China-bound shipments expanded 2.1 percent on-year to $4.59 billion, compared with a 5.6 percent decline for the country's exporters.

Exports to the U.S. grew 8.2 percent to $2.23 billion, while those to Vietnam came to $1.66 billion, up 41.6 percent from a year earlier, the data showed.

Semiconductors were the No. 1 export item, with their overseas shipments jumping 13.1 percent to $1.24 billion. Exports of plastic-related products and wireless communication devices came next, with sales of $1.09 billion and $994 million, respectively.


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