Small exporters difficulties
Various supports needed to increase SMEs foreign shipments
Korea s exports totaled $512.5 billion last year, up 9.9 percent from 2010, according to recent data released by the Ministry of SMEs and Startups. Large businesses shipments increased 5.8 percent to $321.1 billion, and those by mid-market companies ― with total assets of 500 billion won or more ― soared 42.6 percent to $89.3 billion. However, overseas shipments by small- and medium-sized enterprises (SMEs) climbed only 2.1 percent to $100.7 billion.
The data show that the export growth rate of SMEs lagged far behind that of large and mid-market enterprises, failing to reach the overall average. A fundamental solution is urgently needed. Policymakers should not attribute SMEs export slump only to their weak competitiveness. Many SMEs say they often give up selling hard-won products in foreign markets because it is easier for a camel to pass through the eye of a needle than to open a n
Visa teamed up with Sacombank to provide SMEs in Vietnam with Business Reporting, an enhanced spend management tool designed to manage business expenses.