In March, production in the small and medium-sized manufacturing sector increased slightly by 0.3% compared to the same month last year, thanks to an increase in semiconductor production and strong sales of automobiles and pharmaceuticals.
According to the May issue of the 'KOSI Small and Medium-Sized Enterprises Trends' report from the Korea SMEs & Startups Institute (KOSI), the retail sales amount of small and medium-sized manufacturing in March was 55.6 trillion won, an increase of 2.8% compared to the same month last year. All major categories increased: durable goods (3.9%), semi-durable goods (1.1%), and non-durable goods (2.9%). In particular, the retail sales of goods such as passenger cars and pharmaceuticals showed significant increases compared to the previous year.
The number of new startups in March was 100,640, a decrease of 4.7% compared to the same month last year. Startups declined in all major sectors, including manufacturing (5.2%), services (4.7%), and construction (5.0%). However, the number of startups in technology-based industries increased, with knowledge-based service industries showing a 2.6% rise, totaling 19,247, a 1.3% increase compared to the same month last year.
In April, the number of employees in small and medium-sized enterprises was 25,567,000, an increase of 34,000 compared to the same month last year. By size, the number of employees in businesses with 1-4 people decreased by 73,000 compared to the same month last year, while those in businesses with 5-299 people increased by 107,000. However, employment in the manufacturing and construction sectors continued to decline due to sluggish performance in those industries.
The Korea SMEs & Startups Institute (KOSI) noted, "Key economic indicators such as small and medium-sized enterprise production and employment have increased slightly compared to the same month last year, but the recovery remains slow, and the number of startups has decreased compared to the previous year," adding, "There are downside risks to the economic indicators for small and medium-sized enterprises due to worsening business conditions."