From the steel that builds our nation to the semiconductors powering our digital world, Gyeongbuk Province stands as an industrial titan, where a single region's manufacturing engine, accounting for 42.5% of its total economic output, drives immense innovation and global exports.
Key Takeaways
- In 2022, Gyeongbuk's manufacturing industry accounted for 42.5% of the province's total GRDP, totaling 85.3 trillion KRW
- Pohang Steelworks (POSCO) produced 41.2 million tons of crude steel in Gyeongbuk in 2023, representing 70% of Korea's total steel output
- Gyeongbuk's automotive parts production reached 25.6 trillion KRW in 2022, with over 1,200 companies involved
- Manufacturing employment in Gyeongbuk totaled 450,000 persons in 2022
- Automotive sector employed 120,000 workers in Gyeongbuk as of 2023
- POSCO and affiliates employed 28,500 in Pohang in 2022
- Gyeongbuk manufacturing exports totaled 65.4 trillion KRW in 2022
- Automotive parts exports from Gyeongbuk reached 18.2 trillion KRW in 2023, to US and EU mainly
- POSCO steel exports: 15.6 million tons from Pohang in 2022
- Gyeongbuk industry R&D expenditure was 4.2 trillion KRW in 2022
- POSCO R&D investment: 1.8 trillion KRW in 2023, focused on green steel
- Automotive parts R&D spending: 850 billion KRW in Gyeongbuk 2022
- Gyeongbuk industrial contribution to provincial GRDP: 42% in 2023
- Multiplier effect of manufacturing: 2.45 in Gyeongbuk economy 2022
- Tax revenue from industry: 15.2 trillion KRW in 2023
Gyeongbuk's massive manufacturing sector drives its economy through diverse and thriving heavy industries.
Employment Data
- Manufacturing employment in Gyeongbuk totaled 450,000 persons in 2022
- Automotive sector employed 120,000 workers in Gyeongbuk as of 2023
- POSCO and affiliates employed 28,500 in Pohang in 2022
- Gumi electronics cluster had 95,000 jobs in manufacturing in 2023
- Machinery industry employment was 65,000 in Gyeongbuk 2022
- Shipbuilding yards in Gyeongbuk employed 15,200 workers in 2023
- Textile and apparel sector jobs numbered 42,000 in 2022
- Petrochemical plants employed 18,000 in Gyeongbuk 2023
- Bio-industry workforce was 12,500 in 2022
- Metal processing employment totaled 35,000 in Gyeongbuk 2023
- Food processing jobs in Andong-Yeongju area: 22,000 in 2022
- Furniture manufacturing employed 10,500 workers in 2023
- Rubber and plastics sector had 28,000 employees in Gyeongbuk 2022
- Ceramics industry employment was 15,000 in 2023
- Precision instruments jobs: 18,200 in Gyeongbuk 2022
- Non-metallic minerals sector employed 20,000 in 2023
- Printing industry workforce: 8,500 in 2022
- Other manufacturing employed 55,000 in Gyeongbuk 2023
- Manufacturing average wage was 4.8 million KRW/month in 2022
- Labor productivity in manufacturing reached 320 million KRW per worker in 2023
- Unemployment rate in industrial areas of Gyeongbuk was 2.8% in 2022
- Female employment in Gyeongbuk manufacturing: 38% of total in 2023
- Youth employment (under 30) in industry: 25% in 2022
Employment Data Interpretation
Gyeongbuk’s industrial backbone is clearly built on autos and electronics, yet its true strength lies in its remarkably diversified and productive manufacturing ecosystem, which, while not always glamorous, hums along with surprising efficiency and a solidly low unemployment rate.
Exports and Trade
- Gyeongbuk manufacturing exports totaled 65.4 trillion KRW in 2022
- Automotive parts exports from Gyeongbuk reached 18.2 trillion KRW in 2023, to US and EU mainly
- POSCO steel exports: 15.6 million tons from Pohang in 2022
- Gumi semiconductors exported 12.8 trillion KRW worth in 2023
- Machinery exports totaled 9.1 trillion KRW in Gyeongbuk 2022
- Ship exports value: 3.5 trillion KRW in 2023
- Textile exports from Gyeongbuk: 2.4 trillion KRW in 2022
- Petrochemical exports: 8.7 trillion KRW in 2023
- Bio-products exports reached 1.2 trillion KRW in 2022
- Fabricated metals exports: 4.5 trillion KRW in 2023
- Furniture exports: 0.9 trillion KRW in 2022, to 40 countries
- Rubber/plastics exports: 3.2 trillion KRW in 2023
- Ceramics exports: 1.1 trillion KRW in 2022
- Electronic components exports from Gumi: 10.5 trillion KRW in 2023
- Electrical equipment exports: 2.8 trillion KRW in 2022
- Gyeongbuk export share in national total: 4.2% in 2023
- Top export destination US: 22% of Gyeongbuk exports in 2022
- China imports for industry: 12.3 trillion KRW in 2023
- Trade surplus in manufacturing: 45.6 trillion KRW in 2022
- Gyeongbuk FDI inflow to industry: 2.1 billion USD in 2023
- Domestic sales of manufacturing products: 120.7 trillion KRW in 2022
Exports and Trade Interpretation
Gyeongbuk's industrial muscle is flexing so impressively that while its automotive parts, steel, and semiconductors are busy conquering global markets, it's still finding time to dominate at home, racking up a trade surplus that would make any economy blush.
Investment and R&D
- Gyeongbuk industry R&D expenditure was 4.2 trillion KRW in 2022
- POSCO R&D investment: 1.8 trillion KRW in 2023, focused on green steel
- Automotive parts R&D spending: 850 billion KRW in Gyeongbuk 2022
- Gumi semiconductor R&D: 1.1 trillion KRW in 2023
- Machinery R&D investment totaled 450 billion KRW in 2022
- Shipbuilding R&D: 120 billion KRW in Gyeongbuk 2023
- Textile R&D expenditure: 95 billion KRW in 2022
- Petrochemical R&D: 650 billion KRW in 2023
- Bio-industry R&D: 280 billion KRW in Gyeongbuk 2022
- Metal processing R&D: 210 billion KRW in 2023
- Food processing R&D investment: 75 billion KRW in 2022
- Furniture R&D: 45 billion KRW in 2023
- R&D personnel in manufacturing: 35,000 in Gyeongbuk 2022
- Patent applications from Gyeongbuk industry: 12,500 in 2023
- R&D intensity (R&D/GDP): 2.8% in manufacturing 2022
- Government R&D grants to industry: 1.2 trillion KRW in 2023
- Private investment in R&D: 3.0 trillion KRW in 2022
- Tech transfer deals: 450 in Gyeongbuk industry 2023
- Venture startups in industry: 1,200 new in 2022
Investment and R&D Interpretation
It appears Gyeongbuk is putting its money where its future is, as its R&D spending—from the colossal bets on green steel and semiconductors right down to the noodle and furniture labs—paints a portrait of an industrial heavyweight meticulously retooling itself from shipyards to startups, with the receipts to prove it in patents and personnel.
Production Statistics
- In 2022, Gyeongbuk's manufacturing industry accounted for 42.5% of the province's total GRDP, totaling 85.3 trillion KRW
- Pohang Steelworks (POSCO) produced 41.2 million tons of crude steel in Gyeongbuk in 2023, representing 70% of Korea's total steel output
- Gyeongbuk's automotive parts production reached 25.6 trillion KRW in 2022, with over 1,200 companies involved
- In 2023, Gumi Electronics Cluster output exceeded 30 trillion KRW, focusing on semiconductors and displays
- Gyeongbuk machinery industry produced 12.4 trillion KRW worth of products in 2022, up 8.2% from previous year
- Shipbuilding in Yeongilman Bay area completed 15 vessels totaling 1.2 million CGT in 2023
- Gyeongbuk textile industry output was 4.8 trillion KRW in 2022, with 500+ firms specializing in functional fabrics
- Petrochemical production in Ulleung-Gyeongbuk area hit 18.7 million tons in 2023
- Gyeongbuk bio-industry produced 2.1 trillion KRW in value-added products in 2022
- Metal processing sector in Gyeongbuk output 9.5 trillion KRW in 2023, employing advanced CNC tech
- Food processing industry in Andong region generated 3.2 trillion KRW in 2022
- Gyeongbuk furniture manufacturing output was 1.8 trillion KRW in 2023, with exports to 50 countries
- Rubber and plastics sector produced 5.6 trillion KRW worth in Gyeongbuk 2022
- Gyeongbuk ceramic products output reached 2.4 trillion KRW in 2023
- Precision instruments manufacturing in Gyeongbuk totaled 4.1 trillion KRW in 2022
- Gyeongbuk non-metallic minerals output was 3.7 trillion KRW in 2023
- Printing and recording media industry produced 1.2 trillion KRW in Gyeongbuk 2022
- Other manufacturing in Gyeongbuk contributed 6.3 trillion KRW to GRDP in 2023
- Gyeongbuk coke and refined petroleum output was 10.5 trillion KRW in 2022
- Chemical products manufacturing totaled 15.2 trillion KRW in Gyeongbuk 2023
- Basic metals production excluding steel was 7.8 trillion KRW in 2022
- Fabricated metal products output reached 11.4 trillion KRW in Gyeongbuk 2023
- Electronic components production in Gumi was 22.1 trillion KRW in 2022
- Electrical equipment manufacturing totaled 8.9 trillion KRW in 2023
- Transport equipment excluding autos produced 4.5 trillion KRW in Gyeongbuk 2022
- Gyeongbuk manufacturing PMI averaged 52.3 in 2023, indicating expansion
- Capacity utilization rate in Gyeongbuk manufacturing was 78.4% in 2022
- Value added per worker in manufacturing was 145 million KRW in 2023
- Gyeongbuk industrial production index rose 5.2% YoY in 2023
Production Statistics Interpretation
Move over "Game of Thrones"—Gyeongbuk's economy is a real-life drama where steel, silicon, and ships rule absolutely, proving that modern manufacturing is the true iron throne of regional prosperity.
Regional Economic Impact
- Gyeongbuk industrial contribution to provincial GRDP: 42% in 2023
- Multiplier effect of manufacturing: 2.45 in Gyeongbuk economy 2022
- Tax revenue from industry: 15.2 trillion KRW in 2023
- Industrial cluster development investment: 5.6 trillion KRW since 2010
- Poverty reduction rate due to industry: 12% in rural Gyeongbuk 2022
- Income per capita in industrial cities: 38 million KRW in 2023 vs provincial 28m
- Infrastructure investment for industry: 3.4 trillion KRW in 2022
- Energy consumption by industry: 45% of provincial total in 2023
- Environmental investment by firms: 850 billion KRW in 2022
- SMEs in industry: 28,000 firms contributing 60% output in 2023
Regional Economic Impact Interpretation
It seems Gyeongbuk’s industrial sector is not just the province’s economic engine but also its favorite overachiever, generating nearly half the GRDP, boosting incomes significantly, and quietly paying for its party by investing heavily in its own infrastructure and environment.
Sources & References
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