Report shows Korea's manufacturing sector growth slowing down
- 5 years ago
The manufacturing sector, a key driver of the local economy, is slowing down...according to a latest report by the Korea Chamber of Commerce.
Kim Hyesung reports.
A recent report shows Korea is losing its manufacturing sector competitiveness, which is heavily reliant on its top ten exports.
According to the report by the Korea Chamber of Commerce and Industry, Korea's top ten exports accounted for nearly 47 percent of total exports as of 2017, more than ten percentage points higher than Japan, China, Germany and the U.S, showing Korea's high reliance on a small number of export sectors.
Korea's top ten exports have seen little change in the past decade, with eight of the ten top exports in 2007 also in the list for 2017.
Computer parts and monitors were replaced by organic chemicals and special vessels like offshore rigs.
By comparison, China saw four of its top ten exports change, Germany saw three, Japan and the U.S. two each.
Of the world's top five fastest-growing manufacturing sectors: refined petroleum, telecommunications, medicine, nonferrous metals, and precision machinery,... Korea saw its global production market share in telecommunications, medicine and nonferrous metals drop in 2016 compared to 1995.
But in the top five declining industries, namely paper manufacturing, fibers, special machinery, clothes and home appliances, Korea saw an increase in its global market share for all four sectors other than fibers.
Since recording one-point-33 trillion U.S. dollars in 2012, Korea's manufacturing GDP size has started to fall, recording 1-point-25 trillion dollars in 2016.
The report recommended that Korea should invest more in growing manufacturing sectors and new industries like games and content.
Kim Hyesung, Arirang News.
Kim Hyesung reports.
A recent report shows Korea is losing its manufacturing sector competitiveness, which is heavily reliant on its top ten exports.
According to the report by the Korea Chamber of Commerce and Industry, Korea's top ten exports accounted for nearly 47 percent of total exports as of 2017, more than ten percentage points higher than Japan, China, Germany and the U.S, showing Korea's high reliance on a small number of export sectors.
Korea's top ten exports have seen little change in the past decade, with eight of the ten top exports in 2007 also in the list for 2017.
Computer parts and monitors were replaced by organic chemicals and special vessels like offshore rigs.
By comparison, China saw four of its top ten exports change, Germany saw three, Japan and the U.S. two each.
Of the world's top five fastest-growing manufacturing sectors: refined petroleum, telecommunications, medicine, nonferrous metals, and precision machinery,... Korea saw its global production market share in telecommunications, medicine and nonferrous metals drop in 2016 compared to 1995.
But in the top five declining industries, namely paper manufacturing, fibers, special machinery, clothes and home appliances, Korea saw an increase in its global market share for all four sectors other than fibers.
Since recording one-point-33 trillion U.S. dollars in 2012, Korea's manufacturing GDP size has started to fall, recording 1-point-25 trillion dollars in 2016.
The report recommended that Korea should invest more in growing manufacturing sectors and new industries like games and content.
Kim Hyesung, Arirang News.