Small and medium-sized business exports in the first quarter of 2024 were $27.76 billion (+3.6%)
The Ministry of SMEs and Startups (Minister Oh Young-joo) announced ‘Small and Medium Business Export Trends for the First Quarter of 2024’.
Exports of small and medium-sized enterprises in the first quarter of 2024 amounted to $27.76 billion, an increase of 3.6% compared to the same period last year. The main reasons for the increase in exports of small and medium-sized enterprises are the robust export of main products, mainly cosmetics and plastic products, and the increase in demand due to the economic boom in the US, the main market. In particular , small and medium-sized business exports, which turned positive starting in the 4th quarter of 2023 (+1.6%) ,
recorded an increase in the first quarter of this year and are continuing to rebound for two consecutive quarters. Q279(△5.1%)→’23.3Q269(△3.0%)→’23.4Q281(+1.6%)→’24.1Q278(+3.6%) Looking at the month, exports of small and medium-sized businesses in January increased significantly by 18.2% compared to the same period last year. In February (△1.0%) and March (△3.7%), exports decreased slightly due to a decrease in working days*. * Number of working days per month (compared to the same period last year): ‘24.1/24.0 (+2.5 days) → February 20.5 (△1.5 days) → March 22.5 (△1.5 days)
Among the major export items of the top 10 small and medium-sized enterprises in the first quarter, exports of seven items, including cosmetics, plastic products, automobile parts, semiconductor manufacturing equipment, other machinery, semiconductors, and electronic application equipment, increased compared to the same period last year. In particular, in the case of cosmetics exports*, exports to China turned positive, and 8 of the top 10 countries showed double-digit growth rates, ranking first in item exports. * Cosmetics export amount/change rate by country (hundreds of dollars, %): Among the 10 major exporting countries in the first quarter,
including 1st place China 2.8 (+2.9), 2nd place United States 2.7 (+60.5), 3rd place Japan 1.7 (+18.3), the United States,
Exports increased compared to the same period last year in seven countries, including Vietnam, Russia, Hong Kong, India, Mexico, and Taiwan.
In particular, in the case of the United States, which ranked first in exports in the first quarter, exports of other machinery and automobile parts increased due to the economic boom and investment expansion following industrial policies, and cosmetics exports also continued to show a strong trend, increasing by 24.5% (+$930 million) compared to the same period last year. It has grown.
Choi Won-young, director of global growth policy at the Ministry of SMEs and Startups, said, “Exports of small and medium-sized enterprises, which turned positive from the fourth quarter of last year, are showing an increase until the first quarter of this year due to the strong export of key products such as cosmetics.” “We will carry out the follow-up measures of ‘Venture Business Globalization Support Measures’ without a hitch and provide all-out support to continue the strong export trend in 2024,” he said.
Editor James
