The Latest Korea Industry Statistics Explained
South Korea is the 12th largest economy in the world in terms of GDP.
The statistic “South Korea is the 12th largest economy in the world in terms of GDP” indicates that South Korea ranks 12th globally in terms of the total value of goods and services produced within its borders over a specific period, typically a year. This ranking reflects South Korea’s significant economic output and overall economic size relative to other countries. It suggests that South Korea has a large and diverse economy with substantial economic activities across various sectors, contributing to its position as one of the leading economies on the global stage.
South Korea’s global automotive industry ranking is 6th in production and 5th in export volume.
This statistic indicates that South Korea holds a prominent position in the global automotive industry, ranking 6th in terms of production volume and 5th in terms of export volume. These rankings suggest that South Korea is a significant player in the automotive market, with a strong manufacturing capability and a high level of international market integration. Achieving such rankings reflects the country’s advanced technological capabilities, efficient production processes, and competitive export strategies. Overall, South Korea’s strong performance in both production and exports signifies its importance in the global automotive industry landscape.
The country’s automotive industry constitutes around 14% of its total manufacturing sector.
This statistic indicates that within the country’s manufacturing sector, the automotive industry accounts for approximately 14% of the total output. This suggests that the automotive industry is a significant component of the country’s manufacturing activities, playing a substantial role in the economy. A high percentage like 14% demonstrates the industry’s importance in generating revenue, providing employment, and contributing to overall economic growth. Understanding the proportion of the automotive industry within the manufacturing sector can help policymakers, investors, and stakeholders make informed decisions regarding investments, policies, and strategies related to both the automotive sector and the broader manufacturing industry.
Korea has the 4th largest ICT sector in the world by exports.
The statistic stating that Korea has the 4th largest ICT sector in the world by exports refers to the significant role that Korea’s Information and Communication Technology (ICT) industry plays in contributing to the country’s economy. This ranking indicates that Korea is a major global player in the export of ICT products and services, such as electronic goods, software, and telecommunications equipment. The strength of Korea’s ICT sector is reflective of its advanced technological capabilities, innovative companies, and competitive workforce. This statistic underscores Korea’s importance in the global digital economy and highlights the country’s success in leveraging its ICT industry for international trade and economic growth.
In 2019, the manufacturing industry accounted for approximately 30% of South Korea’s GDP.
The statistic indicates that in the year 2019, the manufacturing industry played a significant role in South Korea’s economy, contributing to approximately 30% of the country’s Gross Domestic Product (GDP). This suggests that manufacturing activities, such as the production of goods and industrial output, had a substantial impact on the overall economic performance of South Korea during that year. This statistic underscores the importance of the manufacturing sector as a key driver of economic growth and development in the country, reflecting the sector’s significant contribution to output, employment, and overall economic stability.
South Korea devotes 4.24% of its GDP to Research and Development (R&D) activities.
The statistic indicates that South Korea allocates 4.24% of its Gross Domestic Product (GDP) towards Research and Development (R&D) activities. This means that a significant portion of the country’s economic output is being invested in innovation, new technologies, and scientific advancements. A higher percentage of GDP devoted to R&D typically indicates a strong commitment to fostering a knowledge-based economy, driving technological progress, and enhancing competitiveness in global markets. South Korea’s focus on R&D highlights its strategic approach towards fostering innovation and staying at the forefront of technological advancements, positioning the country as a leader in various industries.
South Korea is the fifth-largest market for semiconductors; consuming $15.2 billion of semiconductors in 2015.
The statistic states that in 2015, South Korea ranked as the fifth-largest market for semiconductors, with a consumption value of $15.2 billion. This indicates the significant role that South Korea plays in the global semiconductor industry, both as a consumer and potentially as a producer. The substantial amount spent on semiconductors highlights the importance of this technology in the country’s economy and technological advancements. The statistic also suggests that South Korea has a strong presence in the electronics and technology sectors, driving demand for semiconductor components for various applications such as smartphones, computers, and other electronic devices.
Around 28.3% of industrial output in South Korea comes from the high-tech sector, In 2020.
The statistic states that in 2020, around 28.3% of the total industrial output in South Korea was generated by the high-tech sector. This indicates a significant contribution of high-tech industries towards the overall industrial production in the country. This high percentage reflects the importance and growth of the high-tech sector within the South Korean economy, highlighting the country’s strength in technologically advanced industries. The prominence of the high-tech sector underscores South Korea’s position as a key player in the global technology market and illustrates its focus on innovation and technological advancements.
South Korea is the world’s 3rd largest steel producer in 2020.
The statistic ‘South Korea is the world’s 3rd largest steel producer in 2020’ indicates that South Korea ranked third globally in terms of steel production output in the year 2020. This implies that South Korea’s steel industry has a significant impact on the global market, contributing a substantial amount of steel to meet international demand. This ranking suggests that South Korea has a strong and competitive steel production sector, likely supported by advanced technology, skilled labor force, and efficient production processes, positioning the country as a key player in the global steel industry.
SK Hynix, Samsung Electronics, and LG Display were the top 3 electronic manufacturing companies in South Korea in 2020.
The statistic indicates that in 2020, SK Hynix, Samsung Electronics, and LG Display were ranked as the top 3 electronic manufacturing companies in South Korea based on various metrics such as revenue, market share, and production volume. These companies are renowned for their contributions to the electronics industry, producing a wide range of products such as memory chips, smartphones, and displays. Their prominence highlights the competitive and innovative nature of the South Korean electronics market, where these companies have established themselves as leaders in technology and manufacturing capabilities, driving economic growth and technological advancement within the country’s electronics sector.
South Korea has the second largest e-commerce market in Asia and 7th largest in the world.
This statistic indicates that South Korea is a significant player in the e-commerce industry, with the second largest market in Asia and the seventh largest globally. This suggests that there is a strong demand for online shopping in South Korea and a thriving e-commerce ecosystem within the country. The ranking demonstrates that South Korea has a well-established infrastructure and consumer base for online retail, showcasing the country’s technological advancements and digital readiness. Being among the top e-commerce markets in the world also signifies potential opportunities for businesses looking to enter or expand within the South Korean market.
As of 2020, South Korea is the world’s fourth-largest consumer of crude oil.
The statistic “As of 2020, South Korea is the world’s fourth-largest consumer of crude oil” indicates that South Korea ranks as the fourth-largest consumer of crude oil globally when considering the consumption levels for that specific year. This implies that South Korea has a significant demand for crude oil for various purposes including energy production, transportation, and industrial processes. The positioning as the fourth-largest consumer signifies that South Korea plays a substantial role in global oil consumption patterns, potentially impacting oil markets and prices. Additional analysis of factors driving this consumption, such as economic growth, industrial activities, transportation infrastructure, and energy policies, can provide a deeper understanding of South Korea’s position in the global crude oil market.
South Korea is the world’s 5rd largest electricity consumer.
The statistic that South Korea is the world’s 3rd largest electricity consumer indicates that the country ranks high globally in terms of electricity consumption. This suggests that South Korea’s economy is highly industrialized and that its population has a high demand for energy. It also implies that South Korea’s energy infrastructure and policies are significant factors in meeting the electricity needs of its population and industries. Additionally, this statistic highlights the importance of South Korea’s electricity sector in the context of global energy consumption patterns and trends.
South Korea’s manufacturing capacity utilization rate was around 73.5 percent in the fourth quarter of 2020.
The statistic provided indicates that South Korea’s manufacturing sector was running at a capacity utilization rate of approximately 73.5% in the fourth quarter of 2020. This rate represents the proportion of actual output against the potential maximum output that could be produced by the manufacturing sector during that time period. A capacity utilization rate of 73.5% suggests that there was still some room for increased production efficiency and output growth within the manufacturing sector in South Korea during that quarter. This statistic is important for policymakers, investors, and businesses as it can provide insights into the overall economic activity and potential for future expansion in the country’s manufacturing industry.
The Korean petrochemical industry reached a production value of around 93.5 trillion South Korean won in 2020.
The statistic indicates that the Korean petrochemical industry generated approximately 93.5 trillion South Korean won in production value in the year 2020. This figure reflects the total economic output of the industry, encompassing the value of goods and services produced within the sector during that year. The high production value suggests that the Korean petrochemical industry is a significant contributor to the country’s economy, providing jobs, income, and supporting related industries. Analyzing trends in production value over time can provide insights into the industry’s growth, competitiveness, and overall economic impact on both a national and global scale.
In 2019, the food and beverage industry in South Korea generated revenue of $271 billion USD.
The statistic states that in 2019, the food and beverage industry in South Korea produced revenue amounting to $271 billion USD. This figure represents the total earnings generated by businesses operating within the food and beverage sector in South Korea over the course of the year. The statistic underscores the significant economic contribution of the industry to the South Korean economy, highlighting its importance as a key sector driving growth and employment. This substantial revenue figure also indicates the high level of consumer spending and demand for food and beverage products within South Korea, illustrating the industry’s resilience and potential for further expansion and development in the future.
South Korea’s robotics industry is estimated to produce sales worth 6.3 trillion KRW (approximately 6.1 billion USD) by 2022.
The statistic indicates that South Korea’s robotics industry is projected to generate approximately 6.1 billion USD in sales by the year 2022. This signifies a substantial economic value attributed to the industry’s advancements in robotics technology and production. The figure of 6.3 trillion KRW implies a robust and growing market for robotics products and services in South Korea, positioning the country as a key player in the global robotics industry. This significant revenue forecast also underscores the potential for continued innovation and expansion within the South Korean robotics sector, offering opportunities for further growth and development in the coming years.
The South Korean cosmetics industry is the third-largest in Asia.
The statistic that the South Korean cosmetics industry is the third-largest in Asia indicates the significant growth and competitiveness of the industry within the region. South Korea has established itself as a global leader in the beauty and skincare market, known for its innovative products, advanced technology, and effective marketing strategies. The industry’s success can be attributed to factors such as high-quality formulations, a strong focus on research and development, and successful branding efforts that have resonated with both domestic and international consumers. This ranking highlights South Korea’s influential position in the cosmetics sector in Asia, driving economic growth and showcasing the country’s impact on global beauty trends.
South Korea was the world’s third major shipbuilding country with a global market share of around 24.2 percent in 2020.
This statistic indicates that in 2020, South Korea ranked as the world’s third-largest shipbuilding country based on market share, with approximately 24.2 percent of the global market. This highlights South Korea’s significant role in the shipping industry, showcasing its strong competitiveness and capability in producing and exporting ships on a global scale. The statistic suggests that South Korea’s shipbuilding industry is a major player in the international market, contributing significantly to the country’s economy and reinforcing its reputation as a key player in the global maritime industry.
Conclusion
Korea’s industry statistics reveal a dynamic and thriving economy, characterized by strong growth in key sectors such as technology, manufacturing, and services. These statistics provide valuable insights for policymakers, investors, and industry stakeholders to make informed decisions and drive future growth and development in the Korean market.
References
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