April 25, 2024

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[THE INVESTOR] Large conglomerates are accounting for less of the nation’s exports, falling to the lowest mark in eight years in 2016, statistics showed on April 3.

Exports by conglomerates in 2016 totaled US$308.5 billion, equal to 62.3 percent of South Korea’s entire exports for the year, according to the Trade Statistics Service. The latest figure is the lowest since the 62 percent recorded in 2008, and it compares with 67.8 percent in 2012, after which the figures have fallen continuously.

By comparison, midsized companies exported $87.6 billion’s worth last year, or 17.7 percent of the nation‘s total. Small firms exported $98.2 billion’s worth, or 19.8 percent.

Big businesses did worse in the exports market as the monetary value of their exports retreated. While the total exports retreated by 5.9 percent last year from the previous year, they fell back by 8.3 percent for conglomerates. The reduction was a smaller 5.7 percent for mid-market firms, while smaller companies managed to increase their exports by 1.7 percent.

By Alex Lee and newswires (alexlee@heraldcorp.com)