SEOUL, July 4 (Korea Bizwire) – While Korea’s large business groups like Samsung, Hyundai and SK gained about half its sales from overseas markets, their domestic sales decreased 5 percent and their portion fell 2 percentage points respectively last year.
According to a recent survey conducted by CEO Score investigating the business performances of the nation’s 1,451 companies under 45 business groups, their total sales last year stood at 1,445.6 trillion won and 48 percent of the sales, or 693.6 trillion won, stemmed from overseas.
Their domestic sales declined by 39 trillion won, a 4.9 percent fall over the previous year and their overseas sales increased by 15 trillion won, or a 2.2 percent rise, over the same period.
Among the business groups, Daewoo Shipbuilding and Marine Engineering earned 14 trillion won in sales revenue from overseas and recorded the highest growth rate of overseas sales with 88.9 percent among its total sales of 15.7 trillion won. Heavy industry groups like GM Korea (85.7%), Hanjin (77.3%) and Hyundai Heavy Industries (72.4%) ranked in higher positions.
Samsung Group ranked fifth with 67.8 percent. Especially, the overseas sales proportion of Samsung Electronics surged up to 89 percent due the stagnation in the domestic smartphone market. Its sales in China already surpassed those in Korea.
Likewise, Youngpoong (64.3%), LG (60.8%), Hankook Tire (60.7%), S-Oil (60.2%), Hyosung (59.4%), Doosan (50.5%) and Kumho Asiana (50.1%) recorded more than half of its sales from overseas.
In case of Hyundai Motor Group, while auto makers like Hyundai Motor and Kia Motors showed more than 60 percent of export ratios, its steel affiliates like Hyundai Steel and Hyundai Hysco only recorded 20-30 percent of overseas sales ratio. The group’s total overseas sales ratio fell to 47.5 percent and recorded a below-average level.
Meanwhile, retail business groups including Booyoung, Shinsegae, CJ, E-Land, Home Plus and so on recorded less than 10 percent of overseas sales ratio.
By business group, Samsung recorded the largest amount of overseas sales with 215.5 trillion won and largest groups like Hyundai Motor Group, LG and SK followed Samsung with 77.3 trillion won, 70.9 trillion won and 61.2 trillion won respectively.
Among individual companies, Samsung Electronics recorded 141.2 trillion won of overseas sales which is equivalent to 20 percent of the total overseas sales of 45 business groups.
Written by John Choi (email@example.com)