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Venture firms' exports soar 16 pct in H1

2017/08/11 08:23

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SEOUL, Aug. 11 (Yonhap) -- South Korean venture firms' exports jumped 16 percent on-year in the first half of 2017 on strong shipments to major markets, a local trade body said Friday.

According to the Korea International Trade Association (KITA), outbound shipments by local venture firms came to US$9.86 billion in the January-June period.

With the current pace, venture companies' full-year exports are expected to expand at a double-digit rate for the first time since the 50.7 percent spike in 2010.

Venture firms' outbound shipments had been on the rise after falling 7.5 percent in 2012 and 5.9 percent in 2013. Last year, their exports grew 5.5 percent.

In June alone, venture companies' exports increased 10.3 percent from a year earlier to $1.76 billion.

The trade organization attributed the strong first-half performance to brisk shipments to China, Vietnam and the United States.

Exports to China surged 18.4 percent to $2.48 billion in the six-month period, with shipments to Vietnam shooting up 67.3 percent to $1.48 billion.

Shipments to the world's largest economy increased 5.5 percent from a year ago to $1.23 billion in the first half, according to KITA.

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