▲ Foreign customers look at Korean cosmetics products at a local cosmetics and skincare store in Seoul. (Yonhap)

 

SEOUL, July 23 (Yonhap) -- South Korea's small and medium-sized enterprises (SMEs) posted record exports in the first half of the year, surpassing US$60 billion for the first time on strong overseas demand for cosmetics and semiconductor-related products, the government said Thursday.

 

SME exports rose 11.6 percent from a year earlier to US$64 billion in the January-June period, according to the Ministry of SMEs and Startups' first-half export report.

 

The number of exporting SMEs also reached a record first-half high of 80,490, up 2.4 percent from a year earlier.

 

The ministry said the top 10 export items accounted for 36.2 percent of total SME exports, indicating that exports were spread across a broad range of products.

 

Cosmetics led growth, with exports jumping 30.7 percent on-year to a record first-half high of US$5.07 billion.

 

The increase was driven by expanding sales in North America through both online and offline channels, as well as stronger exports to Europe, particularly logistics hubs such as Poland and the Netherlands. Exports to emerging markets in Latin America also rose sharply.

 

In contrast, automobile exports, which are heavily dependent on the Commonwealth of Independent States (CIS) and the Middle East, fell 15.2 percent on-year to US$3.31 billion due to the impact of the conflict in the Middle East.

 

Semiconductor exports climbed to a record first-half high of US$2.28 billion, while exports of semiconductor manufacturing equipment reached US$2.03 billion, supported by the global artificial intelligence semiconductor boom and higher prices.

 

Exports of medical devices totaled US$1.7 billion, followed by synthetic resins at US$1.57 billion and gold, silver and platinum at US$1.5 billion.

 

Exports of measuring and analytical instruments also reached a record first-half high of US$1.28 billion, driven by growing demand for display manufacturing equipment at Korean-operated factories in Vietnam and semiconductor inspection equipment in Taiwan.

 

By destination, China remained the largest export market for SMEs, with shipments totaling US$10.48 billion in the first half.

 

The United States followed at US$9.96 billion, ahead of Vietnam at US$5.63 billion, Japan at US$4.73 billion, Hong Kong at US$3.88 billion and Taiwan at US$2.06 billion.

 

Online exports surged 48.6 percent from a year earlier to US$740 million, while the number of SMEs engaged in online exports rose 30.5 percent to a record first-half high of 4,051.

 

"Despite an uncertain external environment, SMEs have delivered solid results by expanding exports of diverse products, including K-beauty items, and by tapping emerging markets such as Latin America," Shim Jae-yoon, director general for global growth policy at the ministry, said.

 

"The government will focus its capabilities on helping domestically oriented firms become exporters, strengthening the competitiveness of exporting SMEs and fostering them into key drivers of the country's exports," he added.

 

jwc@yna.co.kr

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