TITLE : Industry Trends
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INDUSTRY TRENDS
■ ALL INDUSTRIES
In January 2023, production of all industries in Korea increased, driven by a strong rebound of the mining and manufacturing industries. Consumption increased in the service sector, but goods and retail sales were sluggish. Equipment investment fell while construction investment rose.
All industries | Mining & manufacturing | Service | Retail sales | Equipment investment | Construction completed | |
‘Monthly Change(%) | 0.5 | 2.9 | 0.1 | ∆2.1 | ∆1.4 | 1.8 |
In January 2023, production of mining and manufacturing industries rose by 2.9 percent to record the highest growth rate in 13 months, led by 9.6 percent and 6.7 percent increases in auto and primary metals, respectively, against a 5.7 percent decline in semiconductors and a 111 percent surge in communications and broadcasting equipment.
Production of the service industry gained slightly, as wholesale and retail increased by 3.7 percent and information and communication rose by 3.1 percent, whereas transportation and warehousing increased by 2.0 percent and financial insurances fell by 3.1 percent.
Retail sales fell as consumption of durable, nondurable, and semi-durable goods declined altogether.
Whereas the investment in transportation equipment saw a sharp increase of 15.9 percent, equipment investment fell as semiconductor-related machinery investment declined by 6.9 percent due to the downturn in the semiconductor industry.
Construction investment increased while civil engineering projects fell by 10.3 percent but construction investment increased by 5.9 percent as the truckers’ union stopped their refusal to transport goods and as the construction of a semiconductor plant made progress.
The cyclical change in the coincident index dropped by 0.4 percentage points due to declining retail sales while the cyclical change in the leading index fell by 0.3 percentage points due to the weakening of economic sentiment.
As the real economy continues to worsen since the second half of 2022, upside and downside risks coexist in the economic cycle going forward.
On the production side, there are positive factors including China’s reopening and the easing of hard landing concerns of the world’s major economies including the United States and the eurozone.
However, there are burdens such as an adjustment in inventories caused by the piling semiconductor inventories in Korea and a continued decline in semiconductor exports.
The easing of quarantine restrictions for arrivals from China, the partial lifting of mandatory wearing of masks indoors, and accumulated household savings are positive signs for consumption and investment.
At the same time, burdens exist such as a weakening of business sentiment and continued economic uncertainties such as monetary policies of major countries.
※ Source: Ministry of Economy and Finance (moef.go.kr)
■ SUBJECT
▶ AUTOMOBILE
Production growth continued with the easing of automotive semiconductor supply disruptions’→ 2022년 In December 2022, production grew by 12.1 percent year-on-year to continue the double-digit growth for six straight months, backed by improved supply of automotive semiconductors.
Domestic consumption in January 2023 saw an increase of 4.6 percent from a year ago, supported by the base effect of last year’s parts supply issues and the effect of new models.
Exports in January 2022 rose by 9.1 percent year-on-year as the accumulated potential demands that had been piled up by automotive semiconductor supply issues were realized.
Exports of finished cars increased by 21.9 percent as exports to the United States and to the European Union grew by 25.7 percent and 10.5 percent, respectively, driven by the realization of potential demands and the increase of EV exports.
Last year, the production and exports of the auto industry grew by 9.8 percent and 11.8 percent, respectively, as supply disruptions of automotive semiconductors were eased in the second half.
▶ SHIPBUILDING ‘Recovery of production index slowed while imports fell amid rising exports’ |
▶ GENERAL MACHINERY ‘Production growth slowed and exports mainly to China plunged’ |
▶ STEEL ‘Production decline slowed and exports shrank faster affected by weak global steel prices’ |
▶ OIL REFINING ‘Despite falling oil prices, exports grew by 12.2 percent supported by high refining margins’ |
▶ WIRELESS COMMUNICATION DEVICES ‘Global demands expected to improve slightly in 2023 as exports increased for the first time in eleven months’ |
▶ SEMICONDUCTOR ‘The industry’s downward trend continued’ |
▶ DISPLAY ‘Production continued to fall affected by sluggish demands for electronic products ’
* Statistics Korea provides Korea's monthly industry data compiled from the Ministry of Economy and Finance and the Korea Institute for Industrial Economics and Trade. The latest data available reflect that of the previous month in the case of exports, and the month prior to the previous month for production. Figures presented are subject to change and may be updated for accuracy by the respective organizations.
※ Source: Korea Institute for Industrial Economics and Trade (kiet.re.kr)(kiet.re.kr) |