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Major firms' overseas sales drop 4% in 2020 amid pandemic
By YonhapPublished : April 28, 2021 - 09:46
Major South Korean companies saw their overseas sales shrink 4 percent in 2020 from a year earlier amid the coronavirus pandemic, a corporate tracker said Wednesday.
Combined overseas sales of 230 out of the country's top 500 firms by revenue totaled 804.1 trillion won ($723 billion) last year, down 33.4 trillion won from a year earlier, according to CEO Score.
The figure accounts for 45.6 percent of the 83.6 trillion-won decrease in their sales at home and abroad. The 230 companies cover those which have unveiled regional sales numbers.
Hit hard were general trading companies, auto and auto parts manufacturers, petrochemical firms, construction companies and steelmakers.
General trading companies suffered a decline of 16.5 trillion won, followed by auto and auto parts makers with 10.4 trillion won and petrochemical makers with 6.4 trillion won.
Yet, the IT, electronics and electric sector saw its overseas sales swell by 11.7 trillion won last year from 2019, with the food and beverage industry posting an increase of 2.3 trillion won.
By region, their overseas sales declined on-year except for in the Americas. Those firms' sales tumbled 32.4 percent in the Middle East and Africa, with those in Asia and Europe dropping 8.8 percent and 2.3 percent, respectively.
The plunge in the Middle East and Africa resulted mainly from decreased construction orders in the region in the wake of falling oil prices and the COVID-19 pandemic, according to the data. (Yonhap)
Combined overseas sales of 230 out of the country's top 500 firms by revenue totaled 804.1 trillion won ($723 billion) last year, down 33.4 trillion won from a year earlier, according to CEO Score.
The figure accounts for 45.6 percent of the 83.6 trillion-won decrease in their sales at home and abroad. The 230 companies cover those which have unveiled regional sales numbers.
Hit hard were general trading companies, auto and auto parts manufacturers, petrochemical firms, construction companies and steelmakers.
General trading companies suffered a decline of 16.5 trillion won, followed by auto and auto parts makers with 10.4 trillion won and petrochemical makers with 6.4 trillion won.
Yet, the IT, electronics and electric sector saw its overseas sales swell by 11.7 trillion won last year from 2019, with the food and beverage industry posting an increase of 2.3 trillion won.
By region, their overseas sales declined on-year except for in the Americas. Those firms' sales tumbled 32.4 percent in the Middle East and Africa, with those in Asia and Europe dropping 8.8 percent and 2.3 percent, respectively.
The plunge in the Middle East and Africa resulted mainly from decreased construction orders in the region in the wake of falling oil prices and the COVID-19 pandemic, according to the data. (Yonhap)
