Exports by South Korean venture companies reached all-time high last year thanks to increased demands in high-tech products.
Venture companies refer to small and medium sized firms that are recognized by the government for their special technology and high growth potential. They are eligible to receive various governmental supports including tax benefits.
According to the Korea International Trade Association (KITA) on Friday, Korean venture companies’ exports reached a record high of $19.85 billion last year, up 9.9 percent a year earlier and replacing the previous largest-ever record of $1.81 billion set in 2016. The annual exports by venture firms have grown continuously since 2014.
The main growth drivers were high-tech devices such as control and measurement system and semiconductor equipments, which jumped 58.5 percent and 29.5 percent, respectively, on year. Equipments for flat panel displays increased 21.6 percent against a year earlier.
Shipments of cosmetics and other personal care products such as toothpaste and soap also soared 22.6 percent on year.
By country, Korean venture companies’ exports to China expanded 7.3 percent on year to $5.1 billion, followed by Vietnam with $2.8 billion, up a whopping 39 percent on year. China and Vietnam are the top markets for Korean venture firms.
By Woo Je-yoon and Cho Jeehyun
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]