Exports by middle market corporations rose more than 8% in the first quarter of this year, driven by strong performances in semiconductors, biohealth, and home appliances. However, both the share of middle market corporations in total exports and the number of exporting corporations declined.
According to the Federation of Middle Market Enterprises of Korea (FOMEK)'s "First-quarter 2026 middle market corporations export trends" released on the 31st, first-quarter exports by middle market corporations totaled $31.22 billion. That was up 8.5% from the same period last year ($28.78 billion) and 2.4% from the previous quarter ($30.49 billion).
That said, the share of middle market corporations in Korea's total exports fell 3.9 percentage points to 14.1% in the first quarter of this year from 18.0% in the first quarter of last year. The number of middle market corporations that recorded export results also decreased by 42, from 2,096 to 2,054 over the same period.
By industry, manufacturing led the overall increase. Manufacturing exports rose 9.3% year over year to $27.57 billion, while nonmanufacturing exports also grew 2.6% to $3.65 billion.
Among detailed manufacturing sectors, exports of primary metals climbed 37.6% to $2.62 billion, the highest growth rate. Medical and precision instruments rose 20.2% to $930 million, and electronic components increased 15.6% to $8.78 billion. In contrast, machinery and equipment exports fell 10.9% to $2.01 billion, and rubber and plastics dropped 14.4% to $800 million.
Among key items, semiconductors and biohealth posted large increases. Semiconductor exports rose 21.3% year over year to $6.96 billion. Biohealth exports, which the Ministry of Trade, Industry and Resources created in May under a single MTI code, doubled to $980 million.
Computer and home appliance exports rose 67.3% and 52.2%, respectively, while petroleum products increased 13.2%. Secondary batteries fell 20.0%, ships declined 29.3%, and steel dropped 21.0%.
By region, growth in ASEAN stood out. Exports to ASEAN increased 27.8% year over year to $7.73 billion. India (11.1%), Japan (10.9%), Oceania (11.9%), and the European Union (EU) also showed growth in exports.
Exports to the United States fell 1.7% to $4.67 billion, and China declined 0.3% to $5.93 billion. Exports to the Commonwealth of Independent States (CIS) plunged 36.5%, the steepest drop among major regions.
Kim Hyun-cheol, executive vice chair of FOMEK, said, "Middle market corporations played a big role in Korea's exports ranking fifth in the world for the first time, ahead of Japan, in the first quarter this year in major fields such as computers, home appliances, and semiconductors," and added, "We need to expand support for export finance, intellectual property protection, and dispute response so we can diversify export markets not only in existing markets like the United States and Europe but also in Latin America and Central Asia."