Exports by South Korean small and medium enterprises (SMEs) fell more than 5 percent in the first half of the year amid a global economic slowdown, data showed Tuesday.

Local SMEs’ overseas shipments reached US$55.8 billion in the January-June period, down 5.5 percent from a year earlier, according to the data from the Ministry of SMEs and Startups.

The ministry attributed the drop mainly to weak exports of intermediate goods to China and Vietnam stemming from a slowdown in the world economy.

Also responsible was a plunge in shipments of coronavirus test kits as COVID-19 was treated as an endemic disease across the globe, it added.

By month, their exports rose 3.1 percent on-year in June after decreasing 9.1 percent in March, 6 percent in April and 5.7 percent in May.

Exports of autos and cosmetics hit all-time highs in the first half, while overseas shipments of COVID-19 test kits tumbled 63.7 percent.

Local smaller companies chalked up on-year drops in exports to China, Vietnam, the United States and Japan in the six-month period.

In contrast, exports to Russia and Mexico touched all-time highs for the first half, with those to Europe and the Middle East climbing 11.4 percent and 5.6 percent, respectively.

Source: Yonhap News Agency