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Busan-based SME exports in 2023 reached USD 7.96 bn...the second-highest amount ever

According to Yonhap News,

Last year, exports by Busan-based SME recorded second-highest level, despite a slight decline from the level achieved in 2022.

According to "2023 Export Trends of SMEs in Busan" by Busan branch of Ministry of Startups and SMEs on February 5, exports by Busan-based SMEs amounted to USD 7.96 billion, a 0.8 percent dip from 2022.

However, it was the seond-largest amount after USD 8.02 billion, the highest-level recorded in 2022.

Exports increased 1.2 percent in the first quarter of last year, followed by -2.2 percent and -4.7 percent in the second and third quarters, respectively, before rebounding to 2.5 percent in the fourth quarter.

SMEs accounted for 49.9 percent of total exports in Busan.

Among 10 major export items of SMEs, exports of power equipment, car parts, steel plates, ship and marine structures and parts, motors and pumps, forging and casting products, steel pipes and steel wires rose.

On the other hand, exports of fish and plastic products have declined.

The top ten export destinations were US, Japan, China, Vietnam, Russia, Indonesia, Mexico, India, Singapore, and the UAE.
Source Text

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Source: Yonhap News (February 5, 2024)

** This article was translated from Korean.