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SME exports dip for 2nd month in Oct.

Economy 10:46 November 29, 2022

SEOUL, Nov. 29 (Yonhap) -- Exports by South Korean small and medium enterprises (SMEs) shrank for the second straight month in October amid a global economic slowdown, data showed Tuesday.

Local SMEs' overseas shipments came to US$9.07 billion last month, down 8.6 percent from a year earlier, according to the data from the Korea Small Business Institute.

It marked the second consecutive month of on-year decline. In September, SME exports dropped 0.5 percent from a year earlier.

Auto exports spiked nearly 60 percent on-year in October thanks to increased shipments of used cars to Russia and neighboring countries.

In contrast, overseas shipments of semiconductors, one of South Korea's key export items, tumbled more than 26 percent.

Exports to China and Hong Kong shrank 17 percent and 24.6 percent in October from a year earlier, respectively, with those to the United States also dropping 2.3 percent and to Japan 8.8 percent.

In October, South Korea's overall exports dropped 5.7 percent on-year to $52.48 billion, logging the first on-year decrease in two years.

The data also showed the combined SME workforce standing at 25.39 million as of the end of October, up 513,000 from a year earlier.

SME exports dip for 2nd month in Oct. - 1


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