The share of semiconductors in Korea's exports more than doubled, from 11.1% in 2014 to 26.1% in 2024. During the same period, the employment share of semiconductors edged up only from 3.9% to 5%. The numbers show that the semiconductor boom has not translated into job creation. The concentration of semiconductor production in the Seoul metropolitan area has worsened for the first time in three years.
The Bank of Korea (BOK) released an analysis report on the 27th titled "Korea's major manufacturing production and supply map." First released in 2023, the report compiles maps and charts to offer a snapshot of the regional production status and trade flows of 11 key domestic manufacturing sectors. It is also called the manufacturing version of the "Daedongyeojido (Grand Map of Korea)."
The 11 key industries are ▲ semiconductors ▲ displays ▲ wireless communication devices ▲ automobiles ▲ auto parts ▲ steel ▲ shipbuilding ▲ petroleum refining ▲ petrochemicals ▲ machinery and equipment ▲ electrical equipment.
◇ Semiconductor export share expands to 26%, but employment accounts for only 5%
The production scale of semiconductor corporations such as Samsung Electronics and SK hynix surged nearly threefold, from 74 trillion won in 2014 to 210.8 trillion won in 2024. As a result, their share of domestic manufacturing output expanded from 5% to 10.1%. During the same period, exports rose from $63.39 billion to $184.97 billion, and their share grew from 11.1% to 26.1%.
During the same period, the employment share of semiconductors edged up only from 3.9% to 5.0%. The numbers show that the semiconductor boom has not translated into job creation. The production tilt toward the Seoul metropolitan area also intensified. The share of semiconductor production in the metropolitan area was 80.7% in 2021 and expanded to 82.3% in 2024. In Honam, which has the lowest production share nationwide, the figure shrank from 1.3% in 2021 to 1.0% in 2024.
Even when the scope of analysis is broadened to all 11 key domestic manufacturing industries, employment did not increase significantly despite gains in production and exports.
Production across all 11 manufacturing industries rose 40.5%, from 1,489.2 trillion won in 2014 to 2,901.7 trillion won in 2024. Exports also expanded 23.9%, from $572.66 billion to $709.33 billion. During the same period, employment increased only 4.5%, from 2.905 million to 3.037 million. The number of enterprises increased only 7.2%, from 68,640 to 73,570.
◇ Steel, displays, and wireless communication devices overtaken by semiconductors in production scale in 10 years
Steel, automobiles, displays, and wireless communication devices had larger production scales than semiconductors up to 2014, but they were overtaken in 10 years. Steel output rose from 138.6 trillion won in 2014 to 182.1 trillion won in 2024, but its share shrank from 9.3% to 8.7%. Exports dipped slightly from $45.02 billion to $44.99 billion, and their share fell from 7.9% to 6.3%.
Display production fell from 77.2 trillion won in 2014 to 62.3 trillion won in 2024, and its share contracted from 5.2% to 3.0%. Exports also declined from $32.4 billion to $16.99 billion, and their share dropped from 5.7% to 2.4%. Wireless communication devices likewise saw output fall from 94 trillion won to 68.4 trillion won, with their share shrinking from 6.3% to 3.3%. Exports decreased from $31.09 billion to $19.79 billion, and the share fell from 5.4% to 2.8%.
For automobiles, both production and export scale and share increased, but they trailed semiconductors. Automobile output rose from 92.3 trillion won in 2014 to 155.9 trillion won in 2024, and its share inched up from 6.2% to 7.5%. Exports increased from $48.4 billion to $71.97 billion, and the share expanded from 8.5% to 10.1%.