With the prolonged downturn in the semiconductor industry, the shipment value of the electronics and communications sector has shown the largest decrease since such statistics began being compiled in 2000. The number of enterprises in the mining and manufacturing sectors has decreased for the first time in seven years.
According to the provisional results of the 'Mining and Manufacturing Survey' released by the statistical office on the 16th, the number of mining and manufacturing enterprises with 10 or more employees last year was 73,384, a decrease of 208 (0.3%) from the previous year. This marks the first decline since 2016.
By industry, the number of textile product enterprises decreased by 141 (5.1%), mainly due to closures stemming from a slump in the clothing industry and the impact of overseas transfers. The electronics and communications sector saw a decrease of 109 enterprises (3.1%) due to the downturn in the information technology (IT) industry.
The number of employees in the mining and manufacturing sectors was 2,982,000, a reduction of 10,000 (0.3%) from the previous year. This decline in employment is the first in three years since the start of the COVID-19 pandemic in 2020. The sectors with the largest declines were electrical equipment, which decreased by 9,300 employees (4.3%), and electronics and communications, which decreased by 7,200 employees (2.1%).
Last year, the shipment value for the mining and manufacturing sectors was 1,992.1 trillion won, a decrease of 51.8 trillion won (2.5%) from the previous year. The average shipment value per enterprise was 27.2 billion won, a decrease of 700 million won (2.3%) from the previous year. Value-added, excluding major intermediate input costs from production, also decreased by 53.5 trillion won (7.4%) to 671.2 trillion won.
The shipment value of the electronics and communications sector fell by 15.9%, recording the largest decrease since related statistics were compiled in 2000. Value-added also decreased by 35.1%. The main reasons cited were reduced demand for semiconductors, falling unit prices, and a decrease in LCD shipments.
The shipment value of the chemical products manufacturing sector decreased by 12.2% due to a drop in the unit price of basic chemical products following a decline in international oil prices. In contrast, value-added increased by 2.3%, showing a differentiated trend. The automobile manufacturing sector saw a 16.3% increase in shipment value due to rising sales of eco-friendly and high-priced vehicles. Value-added also recorded the same growth rate, contrasting with other sectors.