South Korean trading firms drop amid economic uncertainties

South Korea saw a 0.7% decrease in the number of trading firms in 2022, with 251,246 companies recorded, down by 1,812 from the previous year, according to Korea Customs Service data. Economic uncertainties were attributed to this decline. However, despite the lower number of trading companies, the country's trade value hit a record high of USD132bn, representing a 10.8% increase. While the number of exporters grew slightly by 0.4% to 95,984, importers decreased by 1.6% to 208,834. The number of new entrants to the trade market fell by 12%, with exits increasing by 6.6%. Approximately 48.4% of 2021's new exporters managed to sustain their businesses into the next year.