Beyond just being Korea's shipbuilding powerhouse, Busan's industrial might is a staggering engine driving massive economic growth and cutting-edge innovation, as evidenced by its shipyards delivering 25% of the nation's LNG carriers, handling 38% of its port traffic via transshipment, and fueling a tourism sector that saw revenue surge by 18% in a single year.
Key Takeaways
- In 2023, Busan Shipyard delivered 15 LNG carriers totaling 1.8 million CGT, accounting for 25% of South Korea's total LNG carrier deliveries.
- HD Hyundai Heavy Industries in Busan completed construction of the world's largest container ship with 24,000 TEU capacity in Q4 2022.
- Busan's shipbuilding industry exported vessels worth $12.5 billion USD in 2022, representing 40% of national shipbuilding exports.
- Busan Port handled 23.45 million TEUs in 2023, world's 6th busiest container port.
- In 2022, Busan Port's cargo throughput reached 440 million tons, up 3.1% YoY.
- Busan New Port processed 12.8 million TEUs in 2023, 55% of total port volume.
- Manufacturing output in Busan reached 120 trillion KRW in 2023, up 4.2% YoY.
- Busan's semiconductor industry produced 15 million wafers in 2022.
- Steel production at Busan POSCO plant was 8.2 million tons in 2023.
- Tourism revenue in Busan reached 15 trillion KRW in 2023, up 18% from 2022.
- Haeundae Beach attracted 12 million visitors in summer 2023.
- Busan International Film Festival 2023 drew 180,000 attendees over 10 days.
- Busan's IT industry revenue reached 25 trillion KRW in 2023, focusing on software.
- Busan Bio Cluster produced 120 biotech products with $1.5 billion export in 2023.
- Fintech startups in Busan numbered 350, raising 500 billion KRW VC in 2023.
Busan's shipbuilding and port industries drive its economy with strong global exports.
Emerging Industries
- Busan's IT industry revenue reached 25 trillion KRW in 2023, focusing on software.
- Busan Bio Cluster produced 120 biotech products with $1.5 billion export in 2023.
- Fintech startups in Busan numbered 350, raising 500 billion KRW VC in 2023.
- Busan Smart City project deployed 10,000 IoT sensors citywide in 2023.
- Marine biotech R&D in Busan invested 800 billion KRW in 2023.
- Busan VR/AR content industry generated 3 trillion KRW revenue in 2023.
- Renewable energy manufacturing in Busan produced 5 GW wind turbines in 2023.
- Busan AI startups filed 450 patents in 2023.
- Creative content exports from Busan totaled $800 million in 2023.
- Busan Free Economic Zone attracted 150 foreign investments worth $4 billion in 2023.
- Drone industry in Busan manufactured 20,000 units for logistics in 2023.
- Blockchain platforms developed in Busan handled 2 million transactions daily in 2023.
- Busan hydrogen fuel cell production reached 1,500 units in 2023.
- E-sports industry in Busan hosted events with 1.5 million online viewers in 2023.
- Nanotech R&D centers in Busan produced 50 new materials in 2023.
- Busan robotics firms exported $600 million in service robots in 2023.
- Green energy startups in Busan secured 300 billion KRW funding in 2023.
- Busan metaverse platform users reached 2 million in 2023.
- Quantum computing research in Busan published 120 papers in 2023.
- Digital twin applications in Busan industries covered 40% of manufacturing in 2023.
Emerging Industries Interpretation
Busan is quietly building a post-port future, assembling an economic armada not of ships, but of startups, sensors, and serious intellectual property.
Manufacturing
- Manufacturing output in Busan reached 120 trillion KRW in 2023, up 4.2% YoY.
- Busan's semiconductor industry produced 15 million wafers in 2022.
- Steel production at Busan POSCO plant was 8.2 million tons in 2023.
- Automobile manufacturing in Busan totaled 450,000 units in 2023, mainly HMGICS.
- Petrochemical output from Busan refineries was 25 million tons in 2022.
- Busan textile industry exported $3.8 billion worth of fabrics in 2023.
- Electronics manufacturing value-added in Busan hit 18 trillion KRW in 2023.
- Busan factory automation rate reached 65% with 12,000 robots deployed in 2023.
- Ship engine manufacturing in Busan produced 250 units worth $2.5 billion in 2022.
- Food processing industry in Busan generated 10 trillion KRW revenue in 2023.
- Busan metal fabrication output was 15 million tons in 2023.
- Precision machinery exports from Busan totaled $4.2 billion in 2022.
- Busan chemical industry R&D spend was 1.8 trillion KRW in 2023.
- Furniture manufacturing employment in Busan was 25,000 workers in 2023.
- Busan rubber and plastics production reached 2.5 million tons in 2022.
- Apparel industry in Busan produced 120 million pieces in 2023.
- Busan cement production totaled 7.8 million tons from local plants in 2023.
- Pharmaceutical manufacturing output value was 5 trillion KRW in Busan 2023.
- Glass products manufacturing in Busan reached 1.2 million tons in 2022.
- Manufacturing SMEs in Busan numbered 12,500 with average revenue of 5 billion KRW each in 2023.
Manufacturing Interpretation
From semiconductors and steel to cars and cement, Busan's industrial backbone is a meticulously calibrated machine, proving that while robots might be doing more of the heavy lifting, the city's economic engine is still very much human-driven, complex, and impressively robust.
Port and Logistics
- Busan Port handled 23.45 million TEUs in 2023, world's 6th busiest container port.
- In 2022, Busan Port's cargo throughput reached 440 million tons, up 3.1% YoY.
- Busan New Port processed 12.8 million TEUs in 2023, 55% of total port volume.
- The port's gantry cranes numbered 145 units with average capacity of 50 tons in 2023.
- Busan-Japan ferry routes carried 2.1 million passengers in 2023.
- Container dwell time at Busan Port averaged 1.2 days in 2023, down 15% from 2022.
- Busan Port's automated terminal handled 4.5 million TEUs with 98% reliability in 2023.
- Ro-Ro cargo volume at Busan reached 18.2 million tons in 2022.
- The port employed 45,000 workers directly and indirectly in logistics in 2023.
- Busan Port's LNG bunkering operations supplied 250,000 tons in 2023.
- Hinterland transport by rail from Busan Port was 12.5 million tons in 2023.
- Busan Port Authority invested 1.5 trillion KRW in smart port infrastructure in 2022-2023.
- Vessel calls at Busan Port totaled 28,500 in 2023, including 1,200 ultra-large vessels.
- Busan Port's cold chain throughput was 1.8 million tons of refrigerated cargo in 2023.
- Digital platform Busan Port-Net processed 15 million EDI transactions in 2023.
- Busan Port's quay length expanded to 45 km with 10 new berths in 2023.
- Bulk cargo handling at Busan reached 140 million tons in 2022.
- Passenger ferry services from Busan to Osaka averaged 25 sailings per week in 2023.
- Busan Port's carbon emissions reduced by 12% to 1.2 million tons CO2 in 2023.
- Busan Port ranked 1st in Asia for transshipment volume with 8.9 million TEUs in 2023.
- Busan Port's transshipment ratio was 38% of total TEU handling in 2023.
Port and Logistics Interpretation
Busan's port hums with the relentless efficiency of a global logistics heart, processing mountains of cargo at record speeds while steadily greening its operations, proving that even the world's sixth-busiest container hub can move smarter, not just harder.
Shipbuilding
- In 2023, Busan Shipyard delivered 15 LNG carriers totaling 1.8 million CGT, accounting for 25% of South Korea's total LNG carrier deliveries.
- HD Hyundai Heavy Industries in Busan completed construction of the world's largest container ship with 24,000 TEU capacity in Q4 2022.
- Busan's shipbuilding industry exported vessels worth $12.5 billion USD in 2022, representing 40% of national shipbuilding exports.
- Samsung Heavy Industries' Geoje yard near Busan produced 10 VLCCs with average deadweight of 320,000 tons each in 2023.
- In 2022, Busan shipyards repaired 450 vessels, generating $2.1 billion in repair revenue.
- Hanwha Ocean in Busan secured orders for 8 ammonia-ready tankers in 2023, valued at $1.2 billion.
- Busan New Port Shipyard launched 5 eco-friendly bulk carriers with LNG dual-fuel engines in 2023.
- The industry employed 85,000 workers in Busan's shipbuilding sector as of 2023, up 5% from 2022.
- Daewoo Shipbuilding & Marine Engineering (DSME) in Busan built 12 FSRUs with total capacity of 1.9 million cbm in 2022.
- Busan shipbuilding R&D investment reached 1.2 trillion KRW in 2023, focusing on green technologies.
- In 2023, Busan yards produced 2.5 million tons of steel plates for ship construction.
- Busan's shipbuilding export orders stood at 18.7 million CGT in 2022, 32% of global market share.
- HJ Shipbuilding & Construction in Busan delivered 7 PCTCs with 8,000 car capacity each in 2023.
- The sector's productivity per worker in Busan reached 450 million KRW in 2023.
- Busan shipyards adopted digital twin technology for 60% of newbuild projects in 2023.
- STX Offshore & Shipbuilding repaired 120 offshore structures in Busan in 2022.
- Busan's shipbuilding industry contributed 8.5% to the city's GDP in 2023.
- In 2023, 22 FPSOs were under construction in Busan yards, valued at $15 billion.
- Busan New Shipyard launched Korea's first hydrogen-powered ferry in 2023.
- Shipbuilding patents filed in Busan totaled 1,200 in 2022, 28% national total.
- In 2023, Busan shipbuilding industry secured new orders for 20 eco-friendly vessels valued at $3.2 billion.
Shipbuilding Interpretation
Busan isn't just building ships; it's single-handedly forging the green, technologically dominant future of global maritime trade, one massive, innovative vessel at a time.
Tourism
- Tourism revenue in Busan reached 15 trillion KRW in 2023, up 18% from 2022.
- Haeundae Beach attracted 12 million visitors in summer 2023.
- Busan International Film Festival 2023 drew 180,000 attendees over 10 days.
- Jagalchi Fish Market sold 250,000 tons of seafood in 2023.
- Gamcheon Culture Village welcomed 2.8 million tourists in 2023.
- Busan cruise port hosted 45 international calls with 120,000 passengers in 2023.
- Hotel occupancy rate in Busan averaged 78% in 2023 peak season.
- Taejongdae Resort Park recorded 1.5 million entries in 2023.
- Busan spa and hot spring facilities served 3.2 million visitors annually in 2023.
- Foreign tourist arrivals to Busan hit 4.1 million in 2023.
- Songdo Beach cable car rides totaled 900,000 in 2023.
- Busan Museum entry tickets sold 1.2 million in 2023.
- Night tourism revenue from illuminations and markets was 2.5 trillion KRW in 2023.
- Medical tourism patients in Busan numbered 150,000 in 2023.
- Busan Yacht Club hosted 20 international regattas attracting 5,000 sailors in 2023.
- Cultural heritage sites in Busan saw 8 million visits in 2023.
- Duty-free shopping sales at Busan Port hit 1.8 trillion KRW in 2023.
- Busan Food Festival served 1.1 million meals to attendees in 2023.
- Eco-tourism programs in Busan participated by 500,000 people in 2023.
- Busan tourism apps downloaded 1.2 million times, boosting visits by 15% in 2023.
Tourism Interpretation
With 18% more revenue and over four million foreign tourists elbowing for space between Haeundae's sands, Jagalchi's fish stalls, and BIFF's red carpets, Busan in 2023 proved it's no longer Korea's best-kept secret but its most dynamic and crowded coastal powerhouse.
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