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Exports by 'new growth' biz rise 5% annually since 2012: report

South Korean exports by "new growth" businesses rose an average of 5 percent annually in the past four years, a local trade report said Monday.

Exports by companies whose businesses range from robotics, semiconductors, next-generation displays and bio health to aerospace jumped to $76.7 billion in 2016 from $63.2 billion in 2012, the Korea International Trade Association (KITA) said in a recent report. 

(Yonhap)
(Yonhap)

This is in contrast to the average 2.5 percent decline in the country's overall exports during the same period, the report said.

By country, China accounted for $21.1 billion, or 28 percent, of the country's total exports of new growth products last year, followed by Vietnam with 22.1 percent and India with 13 percent, KITA said.

"As nearly half of new-growth businesses are small and medium-sized companies, the government needs to provide tax benefits and other incentives to boost the good growth potential of new-growth industries," the report said.

Many of the new-growth companies are engaged in the fourth industrial revolution. The latest industrial revolution represents the combination of the physical, digital and biological worlds through a range of new technologies. Such a development is expected the change most jobs down the line. (Yonhap)

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