Exports of South Korean medium and small-sized companies declined by 5.5% during the first half of 2023 compared to the same period last year amid a global economic downturn.
The exports of medium and small-sized companies amounted to $55.8 billion in the period from January to June of this year, showing a 5.5% decrease from the previous year.
The Ministry of SMEs and Startups in South Korea attributed this decline to the weak exports of intermediate goods to China and Vietnam due to the global economic slowdown, as well as the decrease in exports of COVID-19 self-test kits.
Despite this semi-annual decline, exports of medium and small-sized companies rose by 3.1% on an annual basis after experiencing declines of 9.1%, 6%, and 5.7% in March, April, and May, respectively.
Source: Qatar News Agency
