The majority of South Korea's export-oriented small- and medium-sized enterprises (SMEs) are suffering from worsened profitability due to the Korean won's strength against the US dollar, according to a survey released today.
The poll of 130 SMEs, taken by the Korea Federation of Small and Medium Business, showed as many as 86.2 per cent of the respondents said their profitability deteriorated recently due to the strong won.
An additional 10.7 per cent said their profitability was normal, while 3.1 per cent said it did not matter.
Asked about the impact of the won's rise, 57.1 per cent said they were exporting goods despite falling profits, while 31.1 per cent said they kept shipping products abroad despite a loss.
The monthly exchange rate-related loss amounted to an average of 16.75 million won.
