SEOUL, Sept. 23 (Yonhap) — Major South Korean companies’ dependence on overseas markets for sales increased in the first half of the year amid the coronavirus pandemic, data showed Thursday.
Combined overseas sales of the country’s top 100 firms by revenue climbed 13.2 percent on-year to 397.3 trillion won (US$337 billion) in the January-June period, according to the data from the Federation of Korean Industries (FKI).
The amount accounted for 54.9 percent of their total top line for the first half, up 2.8 percentage points from a year earlier.
In addition, nearly 94 percent of the on-year increase came from their overseas sales.
In the six-month period, their domestic sales expanded a mere 1 percent from a year earlier to 326.3 trillion won.
The FKI, which serves as the lobby for South Korea’s family-controlled conglomerates, said those firms’ overseas sales grew at a faster clip than domestic sales amid the pandemic.
In particular, their sales in the Americas jumped 23.1 percent on-year in the first half, with those in Europe shooting up 25.9 percent.
Pharmaceutical, electronics and automaking companies saw their overseas sales expand solidly, while machinery, shipbuilding and services firms suffered setbacks, according to the data.
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