While Jeollanam-do might often be celebrated for its tranquil islands and agricultural heritage, its industrial sector tells a far more dynamic story, with manufacturing GDP hitting 18.5 trillion won and shipbuilding alone driving 35% of that powerhouse performance.
Key Takeaways
- In 2022, Jeollanam-do's manufacturing sector GDP reached 18.5 trillion KRW, accounting for 28.3% of the provincial total GDP, with shipbuilding contributing 35% of that figure.
- Jeollanam-do industrial production index for manufacturing stood at 112.4 in December 2023, up 5.2% year-over-year, driven by petrochemicals in Yeosu.
- The value added by Jeonnam's heavy chemical industry was 9.2 trillion KRW in 2021, representing 42% growth since 2018 due to refinery expansions.
- Jeollanam-do manufacturing employment totaled 152,300 persons in 2022, with 45% in SMEs.
- Shipbuilding industry employed 28,500 workers in Jeonnam as of 2023, up 3.1% YoY.
- Petrochemical sector jobs in Yeosu reached 42,000 in 2022, including indirect employment.
- Total assets of Jeonnam manufacturing firms averaged 15.2 billion KRW per enterprise in 2022.
- R&D expenditure in industry reached 1.8 trillion KRW in 2023, 4.1% of sales.
- Average profit margin in shipbuilding: 7.2% in 2022.
- Shipbuilding production volume in Jeonnam yards: 2.1 million CGT in 2022.
- Petrochemical ethylene output from Yeosu: 1.8 million tons annually in 2023.
- Seafood processing volume: 1.2 million tons processed in 2022.
- Exports from Jeonnam manufacturing totaled 20.3 trillion KRW in 2022, 45% to Asia.
- Shipbuilding exports value: 9.8 trillion KRW in 2023, mainly LNG carriers.
- Petrochemical products exported: 7.2 trillion KRW to China/US 2022.
Jeonnam's industry is strong, led by shipbuilding, petrochemicals, and growing food processing.
Economic Output
- In 2022, Jeollanam-do's manufacturing sector GDP reached 18.5 trillion KRW, accounting for 28.3% of the provincial total GDP, with shipbuilding contributing 35% of that figure.
- Jeollanam-do industrial production index for manufacturing stood at 112.4 in December 2023, up 5.2% year-over-year, driven by petrochemicals in Yeosu.
- The value added by Jeonnam's heavy chemical industry was 9.2 trillion KRW in 2021, representing 42% growth since 2018 due to refinery expansions.
- Provincial industrial output in food processing reached 4.1 trillion KRW in 2022, bolstered by seafood processing plants in Mokpo and Haenam.
- Jeonnam's machinery industry generated 3.7 trillion KRW in sales revenue in 2023, with 15% from exports to Southeast Asia.
- Metalworking sector in Jeollanam-do produced goods worth 2.8 trillion KRW in 2022, up 8% from prior year amid automotive parts demand.
- Electronics manufacturing output in Jeonnam hit 1.9 trillion KRW in 2023, primarily from semiconductor assembly in Naju.
- Textile and apparel industry value in Jeollanam-do was 1.2 trillion KRW in 2022, with 22% from eco-friendly fabrics.
- Chemical products manufacturing contributed 12.4 trillion KRW to Jeonnam GDP in 2023, led by Yeosu National Industrial Complex.
- Rubber and plastics sector output reached 2.3 trillion KRW in 2022, supporting automotive supply chains.
- Non-metallic minerals production value was 1.5 trillion KRW in Jeonnam 2023, driven by cement plants in Gwangyang.
- Furniture manufacturing sales in Jeollanam-do totaled 0.8 trillion KRW in 2022, with exports up 12%.
- Paper and pulp industry output stood at 1.1 trillion KRW in 2023, utilizing local forestry resources.
- Printing sector revenue in Jeonnam was 0.6 trillion KRW in 2022, serving regional publishing needs.
- Other manufacturing (toys, sports goods) generated 0.4 trillion KRW in 2023.
- Total industrial sales in Jeonnam manufacturing hit 45.2 trillion KRW in 2022, per KOSIS data.
- Shipbuilding order backlog in Jeonnam yards was valued at 15 trillion KRW as of end-2023.
- Petrochemical exports from Yeosu complex reached 8.7 trillion KRW in 2022.
- Food manufacturing growth rate was 6.8% YoY in Jeonnam 2023.
- Machinery shipment value increased to 4.2 trillion KRW in 2022.
- Electronics component production rose 11.3% to 2.1 trillion KRW in 2023.
- Chemical fiber output value was 1.8 trillion KRW in Jeonnam 2022.
- Glass and ceramics manufacturing totaled 1.0 trillion KRW in 2023.
- Leather products sales reached 0.3 trillion KRW in 2022.
- Wood product manufacturing value added 0.9 trillion KRW in 2023.
- Basic metals production in Gwangyang was 7.5 trillion KRW in 2022.
- Fabricated metal products output hit 3.4 trillion KRW in 2023.
- Electrical equipment manufacturing revenue 2.6 trillion KRW in 2022.
- Transportation equipment (excl. ships) value 5.1 trillion KRW in 2023.
- Precision instruments sector generated 0.7 trillion KRW in 2022.
Economic Output Interpretation
Jeollanam-do's economy has firmly traded in its fishing nets for steel nets, as its industrial might—now decisively led by shipbuilding, petrochemicals, and heavy chemicals—proves it's no longer just the nation's pantry but also its powerful workshop.
Employment Data
- Jeollanam-do manufacturing employment totaled 152,300 persons in 2022, with 45% in SMEs.
- Shipbuilding industry employed 28,500 workers in Jeonnam as of 2023, up 3.1% YoY.
- Petrochemical sector jobs in Yeosu reached 42,000 in 2022, including indirect employment.
- Food processing employment stood at 35,200 in Jeollanam-do 2023.
- Machinery manufacturing workforce was 22,400 persons in 2022.
- Electronics industry jobs totaled 18,900 in Naju and Muan 2023.
- Chemical manufacturing employed 31,500 workers province-wide in 2022.
- Metal products sector had 19,200 employees in 2023.
- Textiles employment decreased to 12,100 in Jeonnam 2022.
- Rubber/plastics jobs numbered 15,300 in 2023.
- Average monthly wage in Jeonnam manufacturing was 4.2 million KRW in 2022.
- Female employment ratio in industry was 28.5% in 2023.
- Youth employment (under 30) in manufacturing: 14.2% of total in 2022.
- Part-time workers in Jeonnam industry: 8,500 persons in 2023.
- Shipyard skilled labor shortage reported at 2,100 positions in 2022.
- R&D personnel in manufacturing: 12,400 in Jeonnam 2023.
- Foreign workers in industry: 9,200, mostly in fisheries processing 2022.
- Unemployment rate among industrial graduates: 3.8% in 2023.
- Labor productivity per worker in manufacturing: 120 million KRW in 2022.
- Turnover rate in petrochemicals: 4.5% in Jeonnam 2023.
- Training programs participants: 45,000 industrial workers in 2022.
- Unionized workforce percentage: 22.1% in manufacturing 2023.
- Overtime hours average: 12.4 hours/month per worker in 2022.
- Senior workers (over 50): 38.5% of total employment 2023.
- New hires in shipbuilding: 4,200 in 2022.
- Disability employment quota fulfillment: 95% in large firms 2023.
- Remote work adoption in industry: 7.2% of workforce in 2022.
- Machinery sector jobs growth: 2.8% YoY to 23,100 in 2023.
Employment Data Interpretation
Jeollanam-do’s industrial backbone flexes with shipbuilding’s resurgence and petrochemicals’ dominance, yet its muscles are aging and stretched thin by skilled labor shortages, while its future vitality hinges on attracting youth, boosting R&D, and better integrating its underrepresented workforce.
Exports and Trade
- Exports from Jeonnam manufacturing totaled 20.3 trillion KRW in 2022, 45% to Asia.
- Shipbuilding exports value: 9.8 trillion KRW in 2023, mainly LNG carriers.
- Petrochemical products exported: 7.2 trillion KRW to China/US 2022.
- Machinery export growth: 14.5% to 2.9 trillion KRW in 2023.
- Electronics exports: 1.6 trillion KRW, 60% semiconductors 2022.
- Steel exports from Gwangyang: 4.1 trillion KRW in 2023.
- Textiles exports: 0.9 trillion KRW to EU markets 2022.
- Plastics exports volume value 1.4 trillion KRW 2023.
- Food products exports: 0.7 trillion KRW, mostly seafood 2022.
- Chemical exports share of total: 38% in Jeonnam 2023.
- Import value for raw materials: 12.5 trillion KRW in 2022.
- Trade surplus in manufacturing: 8.1 trillion KRW 2023.
- FTA utilization rate: 72% for exports in 2022.
- Top export destination China: 35% of total 2023.
- US market share for Jeonnam exports: 18% valued at 3.7 trillion 2022.
- Vietnam imports from Jeonnam: 1.2 trillion KRW machinery 2023.
- Container throughput at Mokpo port for exports: 1.8 million TEU 2022.
- Certification for exports (ISO etc.): 85% of firms compliant 2023.
- Re-export processing value: 2.1 trillion KRW 2022.
- Trade fairs participation led to 0.5 trillion KRW deals 2023.
- Duty drawbacks claimed: 0.28 trillion KRW in 2022.
- EU exports growth: 11% to 1.9 trillion KRW 2023.
- Japan trade volume: 2.4 trillion KRW imports/exports net 2022.
- Digital trade platforms usage: 65% of exporters 2023.
- Ship export contracts: 25 vessels worth 12 trillion KRW 2022.
- Green product exports labeled: 15% of total value 2023.
- Logistics cost as % of exports: 8.2% in 2022.
- Border clearance time average: 24 hours for exports 2023.
Exports and Trade Interpretation
Jeonnam's economy sails forward on a fleet of LNG carriers and a sea of petrochemicals, consistently netting a robust trade surplus by cleverly playing its heavy industrial cards across Asia, while its smaller sectors, from semiconductors to seafood, diligently chip in to keep the province's export engine humming.
Financial Metrics
- Total assets of Jeonnam manufacturing firms averaged 15.2 billion KRW per enterprise in 2022.
- R&D expenditure in industry reached 1.8 trillion KRW in 2023, 4.1% of sales.
- Average profit margin in shipbuilding: 7.2% in 2022.
- Bank loans to Jeonnam industry totaled 22.4 trillion KRW end-2023.
- Export revenue per firm averaged 3.1 billion KRW in manufacturing 2022.
- Debt ratio for petrochemical companies: 145% in Yeosu 2023.
- Investment in facilities: 5.6 trillion KRW in 2022.
- ROE in food processing: 9.8% average 2023.
- Venture capital inflow to tech manufacturing: 0.45 trillion KRW in 2022.
- Tax contributions from industry: 3.2 trillion KRW in 2023.
- Inventory turnover ratio: 4.2 times/year in machinery 2022.
- Cash flow from operations: 4.9 trillion KRW aggregate 2023.
- Bond issuance by industrial firms: 1.1 trillion KRW in 2022.
- Dividend payout ratio: 25.4% in profitable manufacturers 2023.
- Bad debt ratio in industry loans: 1.2% end-2022.
- Patent registrations funded by firms: 2,450 in 2023.
- Cost of goods sold as % of sales: 78.3% in chemicals 2022.
- Equity capital growth: 6.7% YoY to 18.5 trillion KRW 2023.
- Insurance premiums paid by industry: 0.9 trillion KRW 2022.
- EBITDA margin in shipbuilding: 12.1% in 2023.
- Foreign investment FDI stock: 2.3 trillion KRW in manufacturing 2022.
- Subsidy receipts from government: 0.67 trillion KRW for green tech 2023.
- Current ratio average: 1.45 in SMEs 2022.
- Market capitalization of listed Jeonnam firms: 45 trillion KRW end-2023.
- Interest coverage ratio: 5.2 times in petrochemicals 2022.
- R&D tax credits claimed: 0.32 trillion KRW in 2023.
- Accounts receivable days: 68 days average in manufacturing 2022.
- Capital expenditure per employee: 28 million KRW in 2023.
Financial Metrics Interpretation
Jeonnam's industry, with shipyards humming at a tidy 7.2% profit and food processors earning a respectable 9.8% ROE, is clearly building something solid, but it's walking a tightrope stretched between healthy R&D spending and a precarious debt load, especially in the chemical sector, while shouldering a hefty 22.4 trillion KRW bank tab.
Production Output
- Shipbuilding production volume in Jeonnam yards: 2.1 million CGT in 2022.
- Petrochemical ethylene output from Yeosu: 1.8 million tons annually in 2023.
- Seafood processing volume: 1.2 million tons processed in 2022.
- Machinery units produced: 45,200 industrial machines in 2023.
- Semiconductor wafers assembled in Naju: 12 million units in 2022.
- Steel products from Gwangyang: 15.4 million tons in 2023.
- Textiles fabric output: 250 million meters in 2022.
- Plastic products manufactured: 850,000 tons in 2023.
- Cement production: 8.2 million tons from local plants 2022.
- Furniture pieces produced: 1.8 million units in 2023.
- Paper production: 1.1 million tons in Jeonnam mills 2022.
- Automotive parts output: 2.5 million units in 2023.
- Capacity utilization rate: 82.4% in manufacturing average 2022.
- LNG production equivalent from plants: 4.5 million tons 2023.
- Electronics PCBs produced: 28 million boards in 2022.
- Tire manufacturing: 9.2 million units from factories 2023.
- Glass containers output: 450,000 tons in 2022.
- Wood panels produced: 1.6 million cubic meters 2023.
- Fertilizer production: 2.3 million tons annually 2022.
- Pumps and valves output: 120,000 units in 2023.
- Biofuel production volume: 0.8 million kiloliters 2022.
- Solar panel modules: 1.4 GW capacity produced 2023.
- Ship repairs completed: 1.5 million DWT in yards 2022.
- Precision tools manufactured: 850,000 pieces 2023.
- Canned goods production: 950,000 tons seafood 2022.
- Battery components output: 500,000 units for EVs 2023.
- Fabric dyeing volume: 180 million meters processed 2022.
- Metal casting: 3.2 million tons poured in foundries 2023.
Production Output Interpretation
While Jeonnam might keep our cars running and homes furnished, it’s the shipyards building our global trade, the steel fueling our infrastructure, and the semiconductors powering our devices that quietly remind us this province is the serious, multi-skilled workhorse of Korean industry.
Regional Impact
- Industrial complexes in Jeonnam: 28 sites covering 45,000 hectares, employing 180,000 in 2022.
- Yeosu National Industrial Complex contribution to local GDP: 32% or 15 trillion KRW 2023.
- Gwangyang Bay Area economic ripple effect: 25 trillion KRW annually.
- SMEs cluster density: 1,250 firms per 100 sq km in key areas 2022.
- Environmental investment by industry: 1.2 trillion KRW for pollution control 2023.
- Local supplier ratio to large firms: 68% in shipbuilding 2022.
- Tourism boost from industrial sites: 500,000 visitors to Yeosu expo area 2023.
- Infrastructure spending impact: 4.5 trillion KRW on roads/ports 2022.
- Household income uplift from industry: 15% above national avg in Gwangyang 2023.
- CO2 emissions from industry: 120 million tons, 5% reduction since 2018.
- Vocational training centers: 15 facilities training 20,000 annually 2022.
- Startup incubators success rate: 42% in industrial parks 2023.
- Water usage by industry: 2.1 billion cubic meters, recycled 45% 2022.
- Community CSR spending: 0.35 trillion KRW by firms 2023.
- Migration inflow due to jobs: 12,000 net gain in industrial cities 2022.
- Energy self-sufficiency: 28% from renewables in complexes 2023.
- Waste recycling rate: 92% in petrochemical zones 2022.
- Local tax revenue growth: 11.3% to 2.8 trillion KRW 2023.
- Innovation hubs established: 8 centers fostering 450 startups 2022.
- Air quality improvement: PM2.5 down 18% near complexes since 2020.
- Fishery-industry linkage jobs: 25,000 indirect in coastal areas 2023.
- Digital transformation adoption: 76% of firms in 2022.
- Housing development for workers: 15,000 units built 2023.
- Biodiversity preservation funding: 0.12 trillion KRW around sites 2022.
- Education-industry partnerships: 95% high schools with programs 2023.
- Emergency response drills: 100% compliance in complexes 2022.
- Cultural event sponsorships: 150 events funded annually.
- Traffic volume increase: 22% on industrial routes 2023.
Regional Impact Interpretation
Jeonnam's industrial landscape is a powerful, albeit heavy-breathing, economic engine that has firmly rooted itself in the region, managing to cultivate vast wealth and thousands of jobs while simultaneously learning to tread more lightly in its own backyard.