Business

North America and China are Samsung’s two biggest markets

Samsung has been one of the biggest contributors to South Korea’s economy for years and it continues to be so this year as well. The electronics giant was responsible for more than 20% of South Korea’s total exports in the first half of this year, Yonhap News claims, citing Samsung’s semiannual financial report.

Samsung also paid a record-high 9.5 trillion won (~$7.8 billion) in taxes in the nation, despite seeing a sharp decline in its operating profits over the last two quarters. The amount sees a jump of 19.7% from 7.9 trillion won (~$6.5 billion) it paid in taxes a year earlier.

North America is Samsung’s biggest market

Samsung raised 75.2 trillion won (~$62 billion) in sales in the first six months of this year, 64.7 trillion won (86%) of which came from overseas markets. The amount accounts for 20.6% of South Korea’s total exports over the period. Asia’s fourth-largest economy generated revenues worth 313.4 trillion won (~$259.2 billion) from overseas markets in the first half of this year.

Samsung itself generated 21.2 trillion won in sales from North America, its biggest market, in the six-month period ended June 2019. China followed with 17.8 trillion won, while Asia (excluding South Korea and China) and Africa contributed with a combined total of 16.7 trillion won. Samsung generated 9 trillion won in sales from European markets during that period.

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