Exports of goods from venture start-ups shoot up

Exports by Korea’s venture start-ups hit a record high last year helped by surging shipments of instrumentation and control devices and semiconductor production equipment to China and Vietnam, industry data showed Friday.

The amount reached $19.8 billion, up 9.9 percent from the previous year, according to the statistics provided by the Korea International Trade Association (KITA).

The figure compares to $16.7 billion in 2014 and $18 billion in 2016.

Venture start-ups refer to the group of small and medium-sized firms which have been selected by the government under a relevant law for financial support and tax benefits for their promising technology and growth potential.

By country, exports by start-ups rose 7.3 percent to $5 billion last year from a year earlier.

Shipments to Vietnam increased 39.0 percent to $2.7 billion last year from the previous year.

The United States came in third at $2.5 billion, up 4.9 percent from a year ago.

By item, shipments of instrumentation and control devices surged 58.5 percent while exports of semiconductor production equipment and flat panel displays expanded 29.5 percent and 21.6 percent each.

Exports of soap, toothpaste and cosmetics also rose 22.6 percent

YONHAP