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Number of trading firms tumbles in 2022 amid economic uncertaintiesBy Yonhap
Published : July 27, 2023 - 11:24
The number of trading firms in South Korea moved down 0.7 percent in 2022 from a year earlier, data showed Thursday, as economic uncertainties hampered business activities.
Asia's fourth-largest economy had 251,246 trading companies last year, down 1,812 from 2021, according to the data from the Korea Customs Service.
The value of their trade, however, jumped to a record high of $132 billion, advancing 10.8 percent over the period.
The number of exporters moved up 0.4 percent on-year to 95,984, whereas importers fell 1.6 percent to 208,834, the data showed. The tally takes into account the number of trading firms involved in both exports and imports.
The number of new entrants to the trade market fell 12 percent on-year to 59,173, with 60,985 companies exiting, up 6.6 percent from the previous year, according to the data.
Last year, approximately 48.4 percent of exporters that entered the industry in 2021 sustained their businesses. For those who entered the market in 2017, the rate was 16.5 percent. (Yonhap)
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