A survey of SK Business Group’s 15 listed subsidiaries showed that they racked up 76.732 trillion won in exports, surpassing the 71.173 trillion won in domestic sales during 2013. The export figure accounts for 51.9 percent of the group’s total sales. Even if the unlisted subsidiaries, including SK E&S, SK Shipping, and SK E&C, are counted, all member companies of the group posted a combined 82.465 trillion won in exports, more than an aggregate 81.806 trillion won in domestic sales.

SK Group had a domestic demand-oriented business structure focused on the telecommunications and energy sectors with its subsidiaries’ combined domestic sales some 20 trillion won more than exports until 2011. But things changed when the business group acquired SK Hynix in late 2011. SK Hynix racked up a record high of 14.165 trillion won in sales, 13.06 trillion won of which was earned through exports. 

SK Innovation, SK Network, SK Chemical, and SKC, the conventional export-oriented subsidiaries, began to fare well in exports despite the difficulties. 

In a related development, figures released by the business group on Dec. 25 showed that SK Group’s subsidiaries, including SK Innovation, are projected to export a combined $61.4 billion during the whole of 2013, lower than the $63.4 billion recorded for 2012. The latest figure indicates that the business group managed to put up a good fight against unfavorable factors including a slump in demand for petroleum products, the group’s mainstay exports. 

SK Group’s combined figure accounts for 10.9 percent of the nation’s total exports, which are projected to hit $558.6 billion for the whole of 2013. SK’s latest figures represent a five-fold jump and a roughly 2.5-fold surge in total export amounts compared to 2005 when the group saw its exports exceeding $12 billion, making up a 4.3 percent share of the nation’s total exports.

The business group’s latest exporting achievement was owed to SK Group Chairman Chey Tae-won’s shift to export-oriented business portfolios. In particular, thanks to SK Group’s acquisition of SK Hynix in 2011, semiconductor exports are emerging as one of the group’s new growth engines. 

Explaining the background behind the business group’s relatively better export performances, SK Group officials said each subsidiary’s own export-oriented strategies and R&D strategies have paid off. 

SK Innovation is projected to export $45 billion worth of products for the whole of 2013 through the expansion of petroleum exports with the world’s top-rated competitive edge, along with overseas petroleum development and the exploration of new markets. SK subsidiaries struggled to overcome waves of difficulties by boosting exports even though they were forced to suffer setbacks including a drop in sales and operating profits buffeted by the current recession. 

SK Chemical and SKC and other petrochemical units of the business group managed to boost exports by 5 percent to 7 percent in 2013 compared to the previous year thanks to the exporting of value-added petrochemical products. 

SK Hynix, which chalked up a record high performance, witnessed its exports swell by a whopping 42 percent due to a refinement of chip products and a reinforced competitive edge. 

Even though unfavorable business conditions, including the continued global recession, are forecast to prevail in 2014, an SK Group official said the business group will devote itself to expanding its business environs overseas by making the most of its export mainstays such as kerosene and other petroleum products, chemical products, and semiconductor products, which are emerging as new profitable items.