In the second quarter of this year, ahead of the United States' reciprocal tariff imposition, exports from large corporations, medium-sized businesses, and small enterprises in Korea all increased.
According to the trade statistics by corporations released on the 14th by the National Statistical Office and the Korea Customs Service, exports from Korean corporations in the second quarter totaled $175.2 billion, a 2.1% increase compared to the second quarter of the previous year.
By business size, exports from large corporations in the second quarter amounted to $113.4 billion, marking a 0.5% increase from the same period last year. Exports from medium-sized businesses also grew by 3.7% to $32 billion. Exports from small enterprises recorded $29.2 billion, a 6.3% increase compared to the same period last year.
In the second quarter, the trade concentration of the top 10 large corporations rose to 37.8%, a turnaround from the first quarter. This figure is up by 0.4 percentage points compared to the same period last year. The trade concentration among the top 10 corporations increased due to a rise in semiconductor exports from February 2023 (31.1%) to the fourth quarter of last year (38.1%), although it had decreased to 36.1% in the previous quarter.
By industry, exports primarily increased in the manufacturing sector. Exports in electrical and electronic equipment and transport equipment rose, leading to a 3.4% increase in exports from the manufacturing sector compared to the same period last year. Exports in other industries, including transportation and storage, and professional and scientific services, grew by 7.3%. Conversely, exports in the wholesale and retail sector fell by 9.3%.
Looking at exports by the nature of goods in the second quarter, capital goods exports increased by 8.3% compared to the same period last year, while raw materials and consumer goods decreased by 6.0% and 3.8%, respectively. Exports of household appliances, petroleum products, and mineral fuels, including cars subject to tariffs from the United States, saw a decline, while exports of semiconductors and ships increased.
By country, exports decreased to the United States, China, and Japan, but increased to Southeast Asia, the European Union (EU), and the Commonwealth of Independent States (CIS).
Exports to the United States, China, and Japan decreased in large corporations and medium-sized businesses, falling by 5.2%, 2.6%, and 4.0%, respectively, compared to the same period last year. In contrast, exports to Southeast Asia increased by 7.5% across all corporations, while exports to the EU rose by 12.1% among large and medium-sized businesses. Exports to the CIS increased significantly by 29.9%, primarily from medium-sized enterprises and small businesses.