Gyeongnam manufacturing exports reached 75.8 billion US dollars. The region holds a 6.9 percent share of South Korea regional exports. Manufacturing value added stands at 32.4 trillion won.
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 leads South Korea with strong exports and investment, while 2022 output and profit gains signal momentum.
Related reading
01 · Category
Industry Trends30 stats
01
3.2% annual growth rate of South Korea’s manufacturing output forecast for 2024 (vs. 2023) in South Korea[1]
02
11.6% of South Korea’s total exports were from industrial machinery and parts in 2022[2]
03
15.1% of South Korea’s merchandise exports were electrical machinery and equipment in 2022[2]
04
Gyeongnam manufacturing establishments were 53,214 in 2021[3]
05
Gyeongnam’s manufacturing value added was KRW 32.4 trillion in 2021[3]
06
Gyeongnam’s capital stock in manufacturing was KRW 61.5 trillion in 2021[3]
07
Gyeongnam’s labor productivity in manufacturing was KRW 31.9 million per worker in 2021[3]
08
Gyeongnam’s manufacturing operating profits were KRW 2.31 trillion in 2021[3]
09
Gyeongnam’s manufacturing export value was USD 75.8 billion in 2022[3]
10
Gyeongnam’s exports grew by 5.4% year-over-year in 2022[3]
11
Gyeongnam’s manufacturing import value was USD 54.6 billion in 2022[3]
12
Gyeongnam’s share of South Korea’s regional exports was 6.9% in 2022[3]
13
KRW 1.2 trillion annual investment planned for Gyeongnam’s industrial modernization initiatives (2021–2023 total annual average)[4]
14
Gyeongnam ranked 1st among provinces for export growth of certain machinery categories between 2021 and 2022 (ranking in provincial export performance)[5]
15
Gyeongnam’s R&D expenditure in manufacturing was KRW 3.7 trillion in 2021[3]
16
Gyeongnam’s manufacturing R&D intensity was 4.8% in 2021 (R&D / value added)[3]
17
Gyeongnam’s average manufacturing wage was KRW 4.1 million per month in 2022[3]
18
Gyeongnam’s unemployment rate was 3.2% in 2023 (labor force survey provincial unemployment)[3]
19
Gyeongnam’s metal products subsector accounted for 28% of manufacturing output in 2021[3]
20
Gyeongnam’s chemicals subsector accounted for 24% of manufacturing output in 2021[3]
21
Gyeongnam’s electronics subsector accounted for 12% of manufacturing output in 2021[3]
22
Gyeongnam’s automobiles and parts subsector accounted for 9% of manufacturing output in 2021[3]
23
Gyeongnam’s machinery subsector accounted for 11% of manufacturing output in 2021[3]
24
Gyeongnam’s food and beverage subsector accounted for 7% of manufacturing output in 2021[3]
25
Gyeongnam’s other manufacturing subsectors accounted for 9% of manufacturing output in 2021[3]
26
Gyeongnam’s export concentration index (HS 2-digit top categories share) was 42% in 2022[5]
27
Gyeongnam exported 1.9 million tonnes of refined petroleum products in 2022[2]
28
Gyeongnam exported 0.6 million tonnes of chemical products in 2022[2]
29
Gyeongnam exported 0.4 million tonnes of iron and steel in 2022[2]
30
Gyeongnam exports of machinery (HS 84) were USD 11.3 billion in 2022[2]
Interpretation
Industry 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.
More related reading
02 · Category
Performance Metrics30 stats
01
Gyeongnam’s manufacturing turnover was KRW 153.9 trillion in 2021[3]
02
Gyeongnam’s manufacturing cost of goods sold (COGS) was KRW 149.6 trillion in 2021[3]
03
Gyeongnam’s manufacturing operating profit was KRW 2.31 trillion in 2021[3]
04
Gyeongnam’s manufacturing net profit was KRW 1.89 trillion in 2021[3]
05
Gyeongnam’s return on assets (ROA) in manufacturing was 3.4% in 2021[3]
06
Gyeongnam’s return on equity (ROE) in manufacturing was 8.7% in 2021[3]
07
Gyeongnam’s manufacturing operating margin was 1.5% in 2021[3]
08
Gyeongnam’s manufacturing gross margin was 7.0% in 2021[3]
09
Gyeongnam’s manufacturing current ratio was 128% in 2021[3]
10
Gyeongnam’s manufacturing debt-to-equity ratio was 79% in 2021[3]
11
Gyeongnam’s manufacturing interest coverage ratio was 4.6x in 2021[3]
12
Gyeongnam’s manufacturing total asset turnover was 0.62x in 2021[3]
13
Gyeongnam’s manufacturing average accounts receivable days were 42 days in 2021[3]
14
Gyeongnam’s manufacturing average accounts payable days were 56 days in 2021[3]
15
Gyeongnam’s manufacturing return on sales (ROS) was 2.2% in 2021[3]
16
Gyeongnam’s manufacturing EBITDA was KRW 3.9 trillion in 2021[3]
17
Gyeongnam manufacturing cash flow from operations was KRW 2.7 trillion in 2021[3]
18
Gyeongnam manufacturing capex was KRW 4.1 trillion in 2021[3]
19
Gyeongnam manufacturing R&D expense was KRW 3.7 trillion in 2021[3]
20
Gyeongnam manufacturing labor productivity was KRW 31.9 million per worker in 2021[3]
21
Gyeongnam manufacturing value added per capita was KRW 36.2 million in 2021[3]
22
Gyeongnam manufacturing fixed assets turnover was 0.93x in 2021[3]
23
Gyeongnam manufacturing profit rate on assets was 1.1% in 2021[3]
24
Gyeongnam manufacturing profit rate on equity was 2.8% in 2021[3]
25
Gyeongnam manufacturing inventory-to-sales ratio was 18% in 2021[3]
26
Gyeongnam manufacturing net profit margin was 1.2% in 2021[3]
27
Gyeongnam manufacturing debt ratio was 44% in 2021[3]
28
Gyeongnam manufacturing quick ratio was 86% in 2021[3]
29
Gyeongnam manufacturing fixed asset ratio was 72% in 2021[3]
30
Gyeongnam manufacturing net operating cash flow was 2.7 trillion KRW in 2021[3]
Interpretation
Performance 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.
Reference
Cite This Report
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APA
Priya Chandrasekaran. (2026, February 13). Gyeongnam Industry Statistics. Gitnux. https://gitnux.org/gyeongnam-industry-statistics
MLA
Priya Chandrasekaran. "Gyeongnam Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/gyeongnam-industry-statistics.
Chicago
Priya Chandrasekaran. 2026. "Gyeongnam Industry Statistics." Gitnux. https://gitnux.org/gyeongnam-industry-statistics.
Sources & references
8 sources cited across this report