Number of new corporations up 10 pct in November

SEOUL-- The number of new corporations set up in November 2017 rose nearly 10 percent on-year amid steady overseas demand for local products, government data showed Tuesday.

The number of new corporations set up came to 8,805, up 9.7 percent from the same month in the previous year, according to data by the Ministry of SMEs and Startups.

Among the total, 1,831 firms, or 20.8 percent, were in the manufacturing sector, followed by 1,610, or 18.3 percent in the wholesale and retail business, the ministry said.

Another 9.3 percent of the enterprises were related to real estate service, and 8.7 percent were from the construction industry, it said.

In the first half of last year, the total number of new corporations hit a record high of 49,424 on the back of the country's continued exports growth.

The outbound shipments of Asia's fourth-largest economy soared 15.8 percent to an all-time high of US$573.9 billion in 2017 thanks to booming global demand.

Source: Yonhap News Agency

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