In the fourth quarter of last year, the trade concentration of the top 10 corporations recorded 38%. This is due to the increase in exports of Samsung Electronics and SK hynix, driven by strong semiconductor exports. This level is the highest in 25 quarters since the third quarter of 2018 (39.4%) and is the third highest ever.
According to trade statistics by corporation characteristics released by the Statistics Korea on Dec. 12, exports in the fourth quarter of last year amounted to $175.2 billion, an increase of 4.2% compared to the previous year. Imports reached $159.9 billion, up 0.9%.
The number of exporting companies was 69,259, up 2% compared to the fourth quarter of the previous year. The number of importing companies was 155,263, a 3.2% increase.
Looking at trade amounts by corporation size, exports increased significantly, primarily driven by large corporations (5%) and small and medium-sized enterprises (5.9%). In the case of large corporations, exports of minerals and durable consumer goods decreased, while exports of IT parts, IT products, and transport equipment increased. Exports from small and medium-sized enterprises rose in all categories: consumer goods, raw materials, and capital goods. In contrast, exports from mid-sized corporations totaled $28.6 billion, a decrease of 0.5% due to a drop in exports of chemical products and minerals.
In terms of imports, large corporations saw a 1.3% decline compared to the fourth quarter of the previous year, with imports of minerals, chemical products, and durable consumer goods decreasing. Mid-sized corporations' imports increased by 11.6%, with increases in imports of IT parts, machinery, and non-durable consumer goods.
By industry, exports of electrical and electronic equipment (17%) saw significant growth compared to the fourth quarter of the previous year. Exports of food and beverages (11.9%) and textiles and clothing (1.6%) also increased. However, exports of wholesale and retail (-7.8%), petrochemicals (-4.3%), wood and paper (-3.1%), and transport equipment (-3%) decreased.
Looking at trade amounts by the nature of goods, exports of capital goods (12.3%) showed strong growth. Although machinery exports decreased, exports of semiconductors, information devices, and other transport equipment increased. Consumer goods exports fell by 4.5%, with exports of cosmetics and processed foods increasing, while exports of automobiles and home appliances decreased. Exports of raw materials also dropped by 5.8% due to a decline in exports of minerals and chemical products.
In terms of imports, imports of capital goods (14.4%) such as semiconductors, precision machinery, and ships significantly increased. Imports of raw materials (-8.8%) decreased.
By employee size, the export amount of companies with 1 to 9 employees ($9.2 billion) increased by 9.4% compared to the previous year. Exports from companies with over 250 employees ($139.7 billion) rose by 6.2%. In contrast, exports from companies with 10 to 249 employees ($25.9 billion) decreased by 7.3%.
The trade concentration trend indicates a deepening reliance on large corporations. The trade concentration of the top 10 exporting corporations reached 38.1%, the highest since the third quarter of 2018. The trade concentration of the top 10 corporations has been steadily increasing since the second quarter of 2023 (31.1%). While exports in petrochemicals, automobiles, and wholesale decreased, exports of electronics and other transport equipment increased.