S Korea - Exports by Korea's venture firms jump 21.6% on-year as of Nov. ARIRANG NEWS

ARIRANG NEWS

Published on 22 Dec 2016

밴처기업 수출, 7개월 연속 증가세: 한국무역협회

And now a sign the government's support for promising startup businesses is bearing fruit.
Those companies are doing a booming export business, with growth far outpacing that of the nation overall.
Our Shin Se-min takes a closer look. 

After months of disappointing export figures,... finally a glint of light on the trade front for Korea.
Korea International Trade Association said Thursday that outbound shipments by promising local startups that qualify for government support reached close to one-point-seven billion U.S. dollars as of the end of last month,… up over 21-percent on-year. 

It's the sector's first double-digit growth since in June 2015,.... and marks the seventh consecutive month of growth. 

It's also a massive increase compared to overall exports that only managed to grow two-point-seven percent on-year in November.

Strong exports by these smaller startups are expected to help the nation's overall shipments,... which have been on a downward trend for months on end.

Korea's total exports had slumped for 19 months in a row since January of last year, before seeing a slight rebound in August this year... and another jump last month.

Breaking it down by country,… as of this year,... total exports by promising startups to the United States jumped eight-point-two percent on-year to two-point-one billion dollars.

The figure for Vietnam spiked by almost 19 percent. 

On the other hand, shipments to China edged down zero-point-two percent to four billion dollars.
The slight drop to the world's second-largest economy has been attributed to economic measures by Beijing allegedly in response to Seoul's decision to deploy a powerful U.S. anti-missile system to the Korean peninsula.

Shin Se-min, Arirang News.