Industry Trends
In February 2025, Korea’s industrial activities rebounded in a single month, with the total industrial production growing (0.6 percent year-on-year and 1.2 percent month-on-month) based on increases in the mining and manufacturing industries (1.0 percent year-on-year and 7.0 percent month-on-month) and the service industry (0.5 percent year-on-year and 0.8 percent month-on-month).
| Subject | All industries | Mining & manufacturing |
Service | Retail sales | Capital investment |
Construction completed |
|---|---|---|---|---|---|---|
| ‘Monthly Change(%) | 0.6 | 1.0 | 0.5 | 1.5 | 18.7 | 1.5 |
In February, labor strikes disrupted steel production and chemical manufacturers conducted regular maintenance, but the mining and manufacturing industries rebounded, driven by gains in semiconductors, electronic components, and electrical equipment. The service industry rebounded as the wholesale and retail sales of electric vehicles and mobile phones grew and the financial and insurance sectors improved as more stocks were traded. Despite declining sales of semi-durable goods (down 1.7 percent) and non-durable goods (down 2.5 percent), retail sales grew, backed by an increase in sales of durable goods (13.2 percent). Facility investment increased as machinery such as semiconductor equipment saw a significant jump, and transportation equipment such as automobiles also grew thanks to early provision of electric vehicle subsidies. Although construction decreased, construction completed rebounded due to an increase in civil engineering. The cyclical change in the coincident index increased alongside the growing number of employed persons and domestic shipments. The cyclical change in the leading index increased, backed by strong domestic shipments of machinery.
Major indicators such as production, consumption, and investment rebounded. As the sluggish construction industry continues and significant downside risks to the economy remain, such as Washington’s imposition of tariffs, it is necessary to mobilize all our capabilities to restore the livelihood of the people and effectively respond to trade and industrial risks.
※ Source: Ministry of Economy and Finance(moef.go.kr)
Trends by Industry
- Automotive
-
‘Production Started Growing in January, Backed by Strong Domestic Sales of Domestically Produced Cars and Easing of Parts Supply Problems’
→ Exports in January 2025 decreased by 19.0 percent year-on-year due to fewer working days during the Lunar New Year holidays and weakening demand for electric vehicles. Despite brisk sales of domestic car, domestic sales in December 2025 decreased by 0.8 percent year-on-year as fewer imported cars were registered. Production started growing again in December, backed by the easing of parts supply shortage and strong domestic car sales.
- Shipbuilding
-
‘Strong Growth Continued’
→ In December 2024, production increased by 28.9 percent and shipments grew by 23.3 percent year-on-year, and the capacity utilization rate also jumped by 29.6 percent, continuing the trend of strong expansion in the shipbuilding industry as a whole. Exports in January 2025 fell slightly by 2.1 percent as more tankers were delivered. Imports in December increased by 240.7 percent due to a large increase in ships. The industry is expected to win fewer orders in 2025 due to high interest rates, but there is also an opportunity coming from the Trump administration's drive to encourage cooperation of the two nations’ shipbuilding industries.
- General machinery
-
‘As the Export Market Remained Sluggish, Production Continued Growing Supported by Increased Investment’
→ Production in December 2024 increased by 2.3 percent year-on-year, led by strong facility investment. Exports in January 2025 fell by 21.7 percent year-on-year due to a contraction in exports to the US and the base effect. Imports in December grew by 9.0 percent year-on-year alongside growing facility investment.
- Steel
-
‘Exports Turned to Decline Alongside Falling Unit Prices, Production Fell Further’
→ In December 2024, exports to major regions such as ASEAN and Japan grew, but the industry’s production declined by 3.2 percent year-on-year as domestic demand remained sluggish. In January 2025, falling unit prices caused exports to fall by 4.9 percent year-on-year even as export volume to major countries grew. Even as sluggish domestic construction demand hurt import volume, imports in December increased by 6.3 percent year-on-year, driven by higher import unit prices.
- Oil refining
-
‘Exports Fell by 29.8 percent Year-on-Year, Affected by Weakening Refining Margin and Sliding Volume’
→ December production fell by 2.7 percent year-on-year as domestic refining facilities reduced their capacity utilization rate to cope with continued weak refining margin. January exports decreased by approximately USD 1.4 billion year-on-year as unit prices and volume shrunk together.
- Wireless communication devices
-
‘January Exports Shrunk by 9.4 percent, Affected by Fewer Working Days during the Lunar New Year Holidays’
→ he global smartphone market, which experienced a visible recovery in shipments in 2024, is expected to see a slowdown in growth in 2025. Although the launch of new models by the Korean company (on February 7) and increased demand for high-end products such as AI phones and foldable phones are expected, the sluggish exports in January were affected by fewer working days during the Lunar New Year holidays. In December, production and shipments increased by 17.7 percent and 14.0 percent year-on-year, respectively, while inventory decreased by 8.3 percent, and the capacity utilization rate jumped by 31.4 percent. In December, imports increased by 10.9 percent year-on-year as more miscellaneous wireless communication device parts were imported.
- Semiconductor
-
‘Long-Term Export Growth Continued’
→ In January, exports amounted to USD 10.1 billion, an increase of 8.1 percent year-on-year, and ranked second highest for the month of January. In December, the semiconductor production index rose by 13.9 percent year-on-year to 196.1, and grew by 5.6 percent month-on-month, maintaining an upward trend for three consecutive months. Even as demand for IT devices did not increase significantly during the global economic downturn in 2024, Korea's semiconductor exports grew and drove production and shipments.
- Display
-
‘Exports Remained Sluggish due to Weak Demand for Major Products’
→ xports in January fell by 16.0 percent year-on-year as demand for smartphones remained sluggish. The production index for December was 64.4, down by 1.2 percent year-on-year, but up by 4.7 percent month-on-month. In 2024, the production index rose by 2.3 percent, and the capacity utilization rate also grew by 7.8 percent.
* 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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