In 2024, the export amount of small and medium-sized enterprises (SMEs) increased by 4.9% year-on-year to $115.1 billion (about 165.4 trillion won), marking the second-highest export amount for SMEs ever recorded (provisional figure).
The Ministry of SMEs and Startups announced the '2024 small and medium-sized enterprises export trends (provisional figure)' on the 23rd.
From the fourth quarter of 2023 to the fourth quarter of 2024, the increase trend continued for five consecutive quarters, and annual small and medium-sized enterprises exports turned to a growth trend for the first time in three years since 2021.
The number of exporting small and medium-sized enterprises reached 95,905, an increase of 1.5% compared to the previous year (94,463). The number of new exporting companies was 25,000, up 0.7% from last year (24,825), and the number of continuing exporters was 70,905, showing an increase of 1.8% over the previous year (69,638), indicating overall improvement in the related indicators of exporting SMEs.
The top export items for small and medium-sized enterprises were cosmetics ($6.8 billion, +27.7%), automobiles ($5.11 billion, +4.2%), plastic products ($5.03 billion, +4.2%), and automotive parts ($4.38 billion, +1.9%). The concentration of the top 10 items accounted for 34.1% of the total SME exports, which is relatively lower compared to the concentration of the top 10 total exports (59.1%).
Among the top 10 items by export amount, eight items saw an increase compared to the previous year, especially cosmetics and semiconductor manufacturing equipment ($3.96 billion, +15.5%), which recorded double-digit growth.
Analyzing the factors contributing to the increase in major export items, in the case of cosmetics, despite a decline in exports to China ($1.07 billion, -4.7%), exports increased to various countries, including the United States ($1.34 billion, +46.5%), Japan ($750 million, +29.4%), and Vietnam ($450 million, +17%), achieving the largest annual performance on record. Additionally, for the first time, the unit export amount for SMEs in cosmetics surpassed $6 billion.
For semiconductor manufacturing equipment, due to the recovery of the global semiconductor market and increased demand stemming from China's policies to foster its domestic semiconductor industry—the largest exporting country—most of the major trading partners such as China ($1.69 billion, +18.9%), Taiwan ($520 million, +55%), the United States ($510 million, +42.2%), and the Netherlands ($500 million, +30.5%) showed double-digit increases, resulting in record high exports on an annual basis.
In the case of automobiles, rising quality awareness in surrounding countries like Kyrgyzstan ($1.54 billion, +55.8%) and Kazakhstan ($390 million, +8.5%) has led to a six-month consecutive export boom, and on an annual basis, it marked an increase for the fourth consecutive year, setting a record high.
The top countries for small and medium-sized enterprises' export amounts included the United States ($18.74 billion, +11.2%), China ($18.39 billion, -1.3%), Vietnam ($10.99 billion, +6.8%), Japan ($9.69 billion, -1.9%), and Hong Kong ($4.03 billion, +43.8%). Among the top 10 countries, exports increased in seven.
In the United States, all top 10 export items saw increases in exports, leading to the highest export increase ($1.88 billion) among all exporting countries in 2024. In Hong Kong, the highest growth rate was observed among the top 10 countries for SMEs export, particularly in fashion accessories ($930 million, +426.2%) and gold, silver, and platinum ($400 million, +356.4%), both recording triple-digit export growth rates.
In Taiwan, increased investment by multinational companies in the global semiconductor production center has boosted demand for semiconductor manufacturing equipment ($520 million, +55%), contributing to its export growth. Meanwhile, Russia ($2.71 billion, -11.3%) recorded the largest decline among the top 10 countries due to an expansion of controlled export items to Russia.
In addition to the top 10 countries for small and medium-sized enterprises' exports, significant export growth was observed in the Middle East ($5.81 billion, +3.2%) and Latin America ($5.2 billion, +4.6%).
In 2024, the online export amount of small and medium-sized enterprises reached $1.01 billion, a 32.3% increase compared to the previous year ($760 million), surpassing the $1 billion mark for the first time. The share of SMEs in the total online export amount was 73.2%, indicating that SMEs are leading the online export sector.
Key online export items included cosmetics ($545.8 million, +71%) and computers ($82.4 million, +50.2%), both showing significant increases due to expanded exports to the United States. However, the number of SMEs engaged in online exports decreased slightly to 3,835, down 6.8% from the previous year (4,116).
Choi Won-young, Director of Global Growth Policies at the Ministry of SMEs and Startups, noted, “Despite the challenging external environment of high interest rates and inflation, SMEs exports have performed well. However, uncertainties surrounding SMEs continue to grow due to the inauguration of the second Trump administration and sustained high exchange rates.” He added, “The Ministry of SMEs and Startups will closely monitor these changes in the external environment to promptly address the difficulties faced by SMEs.”