Industry Trends
In January 2025, Korea’s industrial activities declined due to adjustments in total industrial production (△2.7 percent month-on-month/△3.5 percent year-on-year) caused by the base effect from the previous month's increase in the mining and manufacturing industries (2.3 percent/4.1 percent) and the service industry (0.8 percent/0.9 percent) and fewer working days.
| Subject | All industries | Mining & manufacturing |
Service | Retail sales | Capital investment |
Construction completed |
|---|---|---|---|---|---|---|
| ‘Monthly Change(%) | ∆2.7 | ∆2.3 | ∆0.8 | ∆0.6 | ∆14.2 | ∆4.3 |
In January, the mining and manufacturing industries decreased amidst falling exports: even as the semiconductors industry increased slightly by adding inventories, automotive, electronic parts and machinery saw a decline. In the service industry, face-to-face services including accommodation and food, and arts, sports, and leisure improved, but the retail and wholesale and transportation and warehousing sectors declined alongside falling exports and imports. Retail sales declined even as durable goods grew (1.1 percent), affected by falling sales of semi-durable goods (△2.6 percent) and non-durable goods (△0.5 percent). Capital investment shrank as machinery decreased, and transportation equipment such as aircraft and ships also declined after the previous month’s big jump. Construction completed decreased in both civil engineering and construction. The cyclical change in the coincident index decreased due to a fall in construction completed. The cyclical change in the leading index declined alongside falling domestic shipments of machinery and construction orders.
The main indicators declined due to the base effect from the large increase in the previous month caused by manufacturers increasing exports at year-end and the Lunar New Year holiday leading to fewer working days. With downward pressure on the economy increasing due to the expansion of internal and external uncertainties such as US tariffs, it is necessary to make every effort to improve people’s livelihoods and support exports.
※ Source: Ministry of Economy and Finance(moef.go.kr)
Trends by Industry
- Automotive
-
‘Both Domestic Consumption and Exports Declined as Bad Weather Affected Supply’
→ Exports in December decreased by 2.8 percent year-on-year to fall for the second month due to a decrease in the supply of finished vehicles and the base effect. Domestic sales in November decreased by 8.4 percent year-on-year alongside falling supply of domestic vehicles and weakened consumer sentiment. Production in November turned negative year-on-year following the previous month’s growth as heavy snowfall disrupted production.
- Shipbuilding
-
‘Production, Shipments, and Capacity Utilization Rate All Increased by Double Digits for Five Consecutive Months’
→ In November, all major production indicators increased by double digits to grow for five consecutive months, and the industry continued to expand. Even as a high number of high-value ships were delivered, December exports fell by 15.8 percent due to the base effect. In November, imports grew by 29.9 percent driven by the influx of cargo and tanker ships. Cumulative global ship orders (based on Clarksons report) from January to November 2024 reached 60.33 million CGT and grew by 35.5 percent year-on-year, but South Korea's orders only accounted for 10.8 percent, showing a significant gap with China (61.8 percent).
- General machinery
-
‘General Machinery Production Continued Growing Despite Sluggish Exports’
→ In November, production increased by 0.9 percent year-on-year, driven by strong facility investment. In December, exports fell by 7.0 percent year-on-year due to a decline in exports to the US and the base effect. In November, imports fell by 3.0 percent year-on-year as the construction industry remained sluggish.
- Steel
-
‘Exports Increased Further, but Production Continued to Fall due to Slow Sales’
→ In November, despite brisk exports to ASEAN and other regions, production shrunk by 1.5 percent year-on-year affected by sluggish domestic demand from major steel-consuming industries. In December, exports increased by 2.9 percent year-on-year as demand for steel grew in major regions such as ASEAN and domestic manufacturers increased exports to deplete inventory at the end of the year. November imports increased by 5.2 percent year-on-year as the country imported more from India and Southeast Asia and unit import prices increased.
- Oil refining
-
‘ Exports Fell by 12.2 percent Year-on-Year due to Weak Exports, Falling International Oil Prices and Reduced Volume ’
→ Production in November fell by 3.6 percent year-on-year as domestic refineries cut capacity utilization rates to cope with weak refining margins in Q2 and Q3. December exports decreased by USD 540 million year-on-year due to lower unit prices and reduced volume.
- Wireless communication devices
-
‘December Exports Grew by 11.2 percent with the Smartphone Market Expected to Continue Growing in 2025’
→ The global smartphone market is expected to continue growing in 2025 following the previous year’s rebound in semiconductors and IT product sectors, but the growth rate is expected to decrease somewhat. November production declined by 10.9 percent year-on-year, while shipments grew by 12.6 percent and inventories fell by 19.9 percent. November imports plunged by 26.7 percent, with smartphone imports declining by 51.9 percent year-on-year.
- Semiconductor
-
‘Exports Grew for 14 Straight Months’
→ In December, exports amounted to USD 14.55 billion, up 31.5 percent year-on-year, with monthly exports surpassing USD 14 billion for the first time. The semiconductor production index for November stood at 174.7, up 11.1 percent year-on-year and 3.9 percent month-on-month, marking the second consecutive month of growth.
- Display
-
‘ Slow Exports and Production Continued Due to Last Year’s Strong Performance and Expansion of Overseas Production ’
→ December exports fell by 3.3 percent year-on-year as sales of new products remained weak and competition with China intensified. The production index for November was 67.2, down 10.2 percent year-on-year and 4.7 percent month-on-month.
* Please note that the latest data available in Statistics Korea are for the previous month in the case of exports and the month prior to the previous one for production.
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코로나19 발생 이후 대부분의 고용 관심사가 항공 및 여행서비스, 음식·숙박 서비스 등 주로 서비스 업종에 집중된 상황에서 본 연구는 최근 그 중요성이 강조되고 있는 제조업의 고용변화를 살펴보았다. 분석에 따르면, 코로나19 이후 제조업 고용은 비교적 큰 충격 없이 빠르게 회복하는 모습을 보이고 있다. 제조업 고용은 서비스업에 비해 큰 충격 없이 유지되고 있고, 코로나19 직후 2020년 상반기에 약간 하락하였지만 하반기부터 회복 추세를 보이고 있으며, OECD 주요국의 제조업과 비교하여도 일본과 함께 고용 충격이 비교적 작게 나타나고 있다. 그러나 전반적으로 양호한 고용 성적에도 불구하고 제조업 내 특성 별로는 차이가 나타나는 것으로 보인다. 종사상 지위 별로 보면, 임시·일용직, 고용원이 있는 자영업자에서 고용 충격이 상대적으로 크게 나타났고, 상용직과 고용원이 없는 자영업자는 큰 충격이 없는 것으로 나타났다. 제조업 규모별로는 300인 이상의 경우 코로나 발생 초기 약간의 충격 이후 고용이 빠르게 반등하면서 코로나 이전보다 고용이 더 증가한 반면, 이보다 작은 규모의 제조업체들의 경우 고용 회복이 더디게 나타나고 있다. 고용의 중장기, 단기 추세선을 비교한 결과 제조업 업종에 따른 차이를 보였다. 코로나 발생 이전 3년간의 추세선을 2020년 1월부터 연장한 선과, 2020년 1월부터의 실제 자료를 이용한 단기 추세선을 비교한 결과, 의약품은 코로나19 발생 이전부터 시작하여 코로나19 발생 이후에도 견조한 증가세를 유지하고 있으며, 전자부품·컴퓨터, 기타운송장비, 가구는 코로나19 이후 오히려 고용 추세가 개선되었다. 그러나 다수 업종은 코로나 발생 이후 고용이 하락하였는데, 특히, 비금속광물, 1차금속, 금속가공 분야나 인쇄·기록매체 업종에서 하락이 상대적으로 크게 나타났다.
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