SMEs in EU nations tended to export more goods. Small companies with fewer than 10 employees accounted for 96.1 percent of them and a mere 1.6 percent exported their products overseas. The proportion of startups was 14.6 percent in South Korea, higher than the average rate of the five EU nations at 9.6 percent, it noted.Įight of 10 new businesses were in the service sector, and the rest of them were in manufacturing and other businesses. More companies started new businesses in Asia's fourth-largest economy than in the cited EU nations, but they failed to survive due to fierce competition with large enterprises and other challenges. Korea's five-year survival rate came behind Germany's 39.1 percent, France's 44.3 percent, Britain's 41.1 percent, Spain's 40 percent and Italy's 44.7 percent. Korean businesses' one-year survival rate is lower than Germany's 76.5 percent, France's 82 percent, Britain's 92.2 percent, Spain's 76.5 percent and Italy's 80.4 percent, the international traders organization said.
20 (Yonhap) - South Korean small and medium enterprises (SMEs) have a lower survival rate than their European Union counterparts with some 6 out of 10 surviving more than one year and less than 30 percent past five years, data showed Wednesday.Ī total of 62.4 percent of Korean companies remained opened for more than one year as of 2015, and 27.3 percent were doing business beyond five years, according to the data by the Korea International Trade Association (KITA).
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