The share of small and medium-sized enterprises (SMEs) in exports plummeted as the surge in securities transactions and the transfer of high-priced apartments led to economic stimulus.
Securities transaction value in the first quarter of this year was KRW 2.1 trillion, a 116% increase from the previous year. Securities transaction tax 2 trillion won Inheritance tax (contingent tax) increased by 2 trillion won.
Exports last year amounted to $512.5 billion, a 9.9% increase from 2010, while small and medium-sized enterprises (SMEs) increased by 2.0% ($100.7 billion), while large enterprises increased by 5.8% ($321.2 billion) and their proportion decreased with a 42.6% increase ($89.3 billion) of mid-sized enterprises.
The Ministry of Strategy and Finance's fiscal trend in June showed an increase of 8.2 trillion won in corporate tax and 4.9 trillion won in value-added tax, an increase of 32.7 trillion won from 133.4 trillion won in national tax revenue in January to April.
The government's total expenditure of 234 trillion won increased by 24.3 trillion won, but the consolidated fiscal balance (total revenue-total expenditure) was a deficit of 16.3 trillion won and the managed fiscal balance (excluding the national pension, etc.) was a deficit of 40.4 trillion won. At the end of April, the balance of national debt stood at 880.4 trillion won.
Last year, the KOSPI transaction amount was 3,026 trillion won, an increase of 1798 trillion won (146.5%) from the previous year (1227 trillion won). The trading value of the KOSDAQ also increased by 1622 trillion won (153%) to 2682 trillion won during the same period.
Last year, when tax cuts were concentrated, the securities transaction tax amounted to 8.75 trillion won, an increase of 95.8% from 2019.
Last year, the amount of taxable securities transactions amounted to 5,709 trillion won, up 3421 trillion won (149.5%) from the previous year (2288 trillion won).
Foreign currency deposits by individual investors at 32 securities companies last year amounted to 9.65 trillion won, a 102.2% increase from 4.88 trillion won at the end of 2019.
The government lowered the securities transaction tax rate by 0.02 percentage points (P) earlier this year, and further cut it by 0.08 percentage points in 2023 to eliminate the securities transaction tax rate of 0.1%, impose only a special tax on rural areas (0.15%), and tax the economy through securities transactions. backed by policy.
In the declining export of SMEs, the burden of short-term contracts increases from soaring freight transportation costs, and it seems that long-term contracts are pushed out by large companies.
The Ministry of SMEs and Startups' Ministry of SMEs and Startups' Ministry of SMEs and Startups last year recorded the largest export of SMEs from China with USD 22.7 billion, followed by the United States (USD 12.9 billion), Vietnam (USD 9.9 billion), Japan (USD 9.5 billion), Hong Kong (USD 3.4 billion) and Taiwan (USD 2.6 billion). , India (US$2.5 billion), Indonesia (US$2.4 billion), Russia (US$2.3 billion), and Germany (US$2.2 billion) were announced on the 7th.
The current account surplus in April was $1.91 billion, up $5.21 billion from the same period last year ($3.3 billion), the Bank of Korea announced on the 8th.
The Bank of Korea's shipping container freight index (SCFI) surged 232.4% in April from a year ago, increasing the transport surplus from 40 million dollars to 810 million dollars in one year, and the service account also suffered a 1.5 billion dollar deficit in April last year. announced that it turned to a surplus of $10 million this year.
Exports in April (US$52.17 billion) increased by 46.9% (US$16.65 billion) compared to the same period of the previous year, and imports (US$47.61 billion) increased by 36.7% (US$12.79 billion).
In April, semiconductors' leadership weakened and automobiles and petroleum products, which depended on the US market, took the lead.
Export growth in May (compared to the same period last year) was led by the United States (87.3%) in automobile parts (221.9%), passenger cars (146.0%) and petroleum products (149.7%), followed by the European Union (78.1) and Japan (30.6%). China (25.2%) and the Middle East (-14.0%) are the leading countries, followed by China (14.0%).
Deutsche Bank said, “Ignoring inflation fears and focusing on stimulus may prove to be a mistake. CNBC reported on the 7th that, pointing to the late US Federal Reserve's stimulus package, it warned that "ignoring inflation will lead to the destruction of the most vulnerable socially."