The majority of South Korean small and medium enterprises expect sales to rise in 2014 compared with the year before as the global economy improves and the government lifts unnecessary red tape, a poll showed Monday.

According to the Center for Large and Small Business Cooperation under the Federation of Korean Industries, 54.8 percent, or 190, of the 347 SMEs polled said they are forecasting a rise in sales.

Another 30.3 percent of the companies expected sales numbers to be on par with 2013, with just 14.9 bracing for a contraction.

The nationwide poll was carried out randomly in January and February on 1,000 SMEs with reported annual sales ranging from 500 million won ($467,000) to 10 billion won.

Among the respondents, 40.6 percent predicted rise in both domestic sales and exports, with only 11.5 percent expecting a drop across the board vis-a-vis last year. Just under 9 percent said domestic sales will likely contract while exports expand. (Yonhap)