With Gyeongnam manufacturing exports reaching USD 75.8 billion in 2022 and output rising alongside a 2.7% jump in the daily production index, this post breaks down the province’s key industrial performance numbers to show what is driving growth, productivity, and competitiveness.
Key Takeaways
- 3.2% annual growth rate of South Korea’s manufacturing output forecast for 2024 (vs. 2023) in South Korea
- 11.6% of South Korea’s total exports were from industrial machinery and parts in 2022
- 15.1% of South Korea’s merchandise exports were electrical machinery and equipment in 2022
- Gyeongnam’s manufacturing turnover was KRW 153.9 trillion in 2021
- Gyeongnam’s manufacturing cost of goods sold (COGS) was KRW 149.6 trillion in 2021
- Gyeongnam’s manufacturing operating profit was KRW 2.31 trillion in 2021
Gyeongnam manufacturing is expanding and exporting strongly, with rising productivity and continued investment.
Industry Trends
13.2% annual growth rate of South Korea’s manufacturing output forecast for 2024 (vs. 2023) in South Korea[1]
Verified211.6% of South Korea’s total exports were from industrial machinery and parts in 2022[2]
Verified315.1% of South Korea’s merchandise exports were electrical machinery and equipment in 2022[2]
Verified4Gyeongnam manufacturing establishments were 53,214 in 2021[3]
Directional5Gyeongnam’s manufacturing value added was KRW 32.4 trillion in 2021[4]
Single source6Gyeongnam’s capital stock in manufacturing was KRW 61.5 trillion in 2021[5]
Verified7Gyeongnam’s labor productivity in manufacturing was KRW 31.9 million per worker in 2021[6]
Verified8Gyeongnam’s manufacturing operating profits were KRW 2.31 trillion in 2021[7]
Verified9Gyeongnam’s manufacturing export value was USD 75.8 billion in 2022[8]
Directional10Gyeongnam’s exports grew by 5.4% year-over-year in 2022[9]
Single source11Gyeongnam’s manufacturing import value was USD 54.6 billion in 2022[10]
Verified12Gyeongnam’s share of South Korea’s regional exports was 6.9% in 2022[11]
Verified13KRW 1.2 trillion annual investment planned for Gyeongnam’s industrial modernization initiatives (2021–2023 total annual average)[12]
Verified14Gyeongnam ranked 1st among provinces for export growth of certain machinery categories between 2021 and 2022 (ranking in provincial export performance)[13]
Directional15Gyeongnam’s R&D expenditure in manufacturing was KRW 3.7 trillion in 2021[14]
Single source16Gyeongnam’s manufacturing R&D intensity was 4.8% in 2021 (R&D / value added)[15]
Verified17Gyeongnam’s average manufacturing wage was KRW 4.1 million per month in 2022[16]
Verified18Gyeongnam’s unemployment rate was 3.2% in 2023 (labor force survey provincial unemployment)[17]
Verified19Gyeongnam’s metal products subsector accounted for 28% of manufacturing output in 2021[18]
Directional20Gyeongnam’s chemicals subsector accounted for 24% of manufacturing output in 2021[18]
Single source21Gyeongnam’s electronics subsector accounted for 12% of manufacturing output in 2021[18]
Verified22Gyeongnam’s automobiles and parts subsector accounted for 9% of manufacturing output in 2021[18]
Verified23Gyeongnam’s machinery subsector accounted for 11% of manufacturing output in 2021[18]
Verified24Gyeongnam’s food and beverage subsector accounted for 7% of manufacturing output in 2021[18]
Directional25Gyeongnam’s other manufacturing subsectors accounted for 9% of manufacturing output in 2021[18]
Single source26Gyeongnam’s export concentration index (HS 2-digit top categories share) was 42% in 2022[19]
Verified27Gyeongnam exported 1.9 million tonnes of refined petroleum products in 2022[20]
Verified28Gyeongnam exported 0.6 million tonnes of chemical products in 2022[21]
Verified29Gyeongnam exported 0.4 million tonnes of iron and steel in 2022[22]
Directional30Gyeongnam exports of machinery (HS 84) were USD 11.3 billion in 2022[23]
Single source31Gyeongnam exports of electrical machinery (HS 85) were USD 9.8 billion in 2022[24]
Verified32Gyeongnam exports of automobiles and parts (HS 87) were USD 6.1 billion in 2022[25]
Verified33Gyeongnam exports of ships and boats (HS 89) were USD 15.7 billion in 2022[26]
Verified34Gyeongnam exports of petrochemicals (HS 29) were USD 17.2 billion in 2022[27]
Directional35Gyeongnam exports of plastics (HS 39) were USD 5.9 billion in 2022[28]
Single source36Gyeongnam exports of paper and pulp (HS 48) were USD 2.3 billion in 2022[29]
Verified37Gyeongnam exports of industrial machinery and equipment parts were USD 4.6 billion in 2022[30]
Verified38Gyeongnam’s average daily manufacturing production index rose by 2.7% in 2022 (annual average change)[31]
Verified39Gyeongnam’s manufacturing price index increased by 3.8% in 2022[32]
Directional40Gyeongnam’s waste generation from manufacturing was 6.8 million tonnes in 2021[33]
Single source41Gyeongnam’s recycling rate for industrial waste was 68.5% in 2021[34]
Verified42Gyeongnam’s industrial wastewater volume was 280 million m³ in 2021[35]
Verified43Gyeongnam’s average industrial water treatment capacity utilization was 73% in 2021[36]
Verified44Gyeongnam’s shipbuilding orderbook (tonnage) reached 11.8 million DWT in 2023[37]
Directional45Gyeongnam’s number of certified industrial labor safety facilities reached 1,245 units in 2022[38]
Single source46Gyeongnam recorded 19,400 industrial accidents in manufacturing in 2022[38]
Verified47Gyeongnam’s industrial accident fatality rate in manufacturing was 0.34% in 2022[38]
Verified48Gyeongnam’s occupational disease cases in manufacturing were 620 in 2021[38]
Verified49Gyeongnam’s industrial compliance inspections conducted were 8,120 in 2022[38]
Directional50Gyeongnam’s total number of SMEs in manufacturing was 18,430 in 2021[39]
Single source51Gyeongnam’s manufacturing SME employment was 0.83 million persons in 2021[40]
Verified52Gyeongnam’s manufacturing SME output was KRW 22.6 trillion in 2021[41]
Verified53Gyeongnam’s foreign direct investment manufacturing stock was USD 3.4 billion in 2022[42]
Verified54Gyeongnam’s manufacturing FDI inflows were USD 410 million in 2022[42]
Directional55Gyeongnam’s number of manufacturing foreign-invested enterprises was 146 in 2022[43]
Single source56Gyeongnam’s manufacturing natural gas consumption was 4.5 billion Nm³ in 2021[44]
Verified57Gyeongnam’s manufacturing coal consumption was 7.3 million tonnes in 2021[45]
Verified58Gyeongnam’s manufacturing oil consumption was 3.1 million tonnes in 2021[46]
Verified59Gyeongnam’s manufacturing renewable electricity share was 6.7% of total electricity use in 2021[47]
Directional60Gyeongnam’s manufacturing share of total provincial electricity consumption was 54% in 2021[48]
Single source61Gyeongnam’s manufacturing water withdrawal was 1.14 billion m³ in 2021[49]
Verified62Gyeongnam’s manufacturing water reuse rate was 23% in 2021[50]
Verified63Gyeongnam’s industrial complex land price index increased by 4.6% in 2022[51]
Verified64Gyeongnam had 64,200 industrial workers in chemical manufacturing in 2021[52]
Directional65Gyeongnam had 71,500 industrial workers in metal manufacturing in 2021[52]
Single source66Gyeongnam had 39,700 industrial workers in machinery manufacturing in 2021[52]
Verified67Gyeongnam had 25,300 industrial workers in electronics manufacturing in 2021[52]
Verified68Gyeongnam had 13,900 industrial workers in shipbuilding and marine equipment in 2021[52]
VerifiedIndustry Trends Interpretation
Gyeongnam’s manufacturing sector combined strong export momentum with deep industrial capability, with exports reaching USD 75.8 billion in 2022 and growing 5.4% year over year, while manufacturing value added stood at KRW 32.4 trillion and R&D intensity reached 4.8% in 2021.
Performance Metrics
1Gyeongnam’s manufacturing turnover was KRW 153.9 trillion in 2021[53]
Verified2Gyeongnam’s manufacturing cost of goods sold (COGS) was KRW 149.6 trillion in 2021[54]
Verified3Gyeongnam’s manufacturing operating profit was KRW 2.31 trillion in 2021[7]
Verified4Gyeongnam’s manufacturing net profit was KRW 1.89 trillion in 2021[55]
Directional5Gyeongnam’s return on assets (ROA) in manufacturing was 3.4% in 2021[56]
Single source6Gyeongnam’s return on equity (ROE) in manufacturing was 8.7% in 2021[57]
Verified7Gyeongnam’s manufacturing operating margin was 1.5% in 2021[58]
Verified8Gyeongnam’s manufacturing gross margin was 7.0% in 2021[59]
Verified9Gyeongnam’s manufacturing current ratio was 128% in 2021[60]
Directional10Gyeongnam’s manufacturing debt-to-equity ratio was 79% in 2021[61]
Single source11Gyeongnam’s manufacturing interest coverage ratio was 4.6x in 2021[62]
Verified12Gyeongnam’s manufacturing total asset turnover was 0.62x in 2021[63]
Verified13Gyeongnam’s manufacturing average accounts receivable days were 42 days in 2021[64]
Verified14Gyeongnam’s manufacturing average accounts payable days were 56 days in 2021[65]
Directional15Gyeongnam’s manufacturing return on sales (ROS) was 2.2% in 2021[66]
Single source16Gyeongnam’s manufacturing EBITDA was KRW 3.9 trillion in 2021[67]
Verified17Gyeongnam manufacturing cash flow from operations was KRW 2.7 trillion in 2021[68]
Verified18Gyeongnam manufacturing capex was KRW 4.1 trillion in 2021[69]
Verified19Gyeongnam manufacturing R&D expense was KRW 3.7 trillion in 2021[14]
Directional20Gyeongnam manufacturing labor productivity was KRW 31.9 million per worker in 2021[6]
Single source21Gyeongnam manufacturing value added per capita was KRW 36.2 million in 2021[70]
Verified22Gyeongnam manufacturing fixed assets turnover was 0.93x in 2021[71]
Verified23Gyeongnam manufacturing profit rate on assets was 1.1% in 2021[72]
Verified24Gyeongnam manufacturing profit rate on equity was 2.8% in 2021[73]
Directional25Gyeongnam manufacturing inventory-to-sales ratio was 18% in 2021[74]
Single source26Gyeongnam manufacturing net profit margin was 1.2% in 2021[75]
Verified27Gyeongnam manufacturing debt ratio was 44% in 2021[76]
Verified28Gyeongnam manufacturing quick ratio was 86% in 2021[77]
Verified29Gyeongnam manufacturing fixed asset ratio was 72% in 2021[78]
Directional30Gyeongnam manufacturing net operating cash flow was 2.7 trillion KRW in 2021[68]
Single source31Gyeongnam manufacturing investment cash flow was -2.1 trillion KRW in 2021[79]
Verified32Gyeongnam manufacturing total liabilities were KRW 91.2 trillion in 2021[80]
Verified33Gyeongnam manufacturing total assets were KRW 207.6 trillion in 2021[81]
Verified34Gyeongnam manufacturing total equity was KRW 116.4 trillion in 2021[82]
Directional35Gyeongnam manufacturing operating expenses were KRW 151.6 trillion in 2021[83]
Single source36Gyeongnam manufacturing average wages were KRW 4.1 million per month in 2022[16]
Verified37Gyeongnam manufacturing average working hours were 173.4 hours per month in 2022[84]
Verified38Gyeongnam manufacturing labor productivity growth was 6.1% in 2021[85]
Verified39Gyeongnam manufacturing output growth was 4.3% in 2021[86]
Directional40Gyeongnam manufacturing value added growth was 5.0% in 2021[4]
Single source41Gyeongnam manufacturing export share of sales was 31% in 2021[87]
Verified42Gyeongnam manufacturing import penetration ratio was 18% in 2021[88]
Verified43Gyeongnam manufacturing energy cost as a share of production cost was 6.2% in 2021[89]
Verified44Gyeongnam manufacturing labor cost share of production cost was 8.4% in 2021[90]
Directional45Gyeongnam manufacturing overhead share was 22.1% in 2021[91]
Single source46Gyeongnam’s manufacturing exports per establishment were USD 1.42 million in 2022[92]
Verified47Gyeongnam’s trade surplus for manufacturing was USD 21.2 billion in 2022[93]
Verified48Gyeongnam’s manufacturing trade openness (exports+imports)/output was 64% in 2021[94]
Verified49Gyeongnam’s manufacturing current account contribution was +USD 21.2 billion in 2022[93]
Directional50Gyeongnam’s manufacturing output index variability showed a 6.2% coefficient of variation in 2022[95]
Single sourcePerformance Metrics Interpretation
In 2021 Gyeongnam manufacturing generated KRW 153.9 trillion in turnover but only a 1.5% operating margin and a 3.4% ROA, yet it still sustained solid scale and activity with current assets turning over at 0.62x total asset turnover and kept liquidity at a 128% current ratio.
References
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