Increase in Wholesale and Retail Businesses, Decrease in Manufacturing... 4.4% Rise in Business Owners in Their 60s

Statistics Korea, 2023 National Business Survey

Last year, the number of wholesale and retail business establishments increased compared to the previous year due to the rise in e-commerce usage, while manufacturing business establishments decreased. Many 'female bosses' started businesses in wholesale and retail, as well as education services.

According to the '2023 National Business Survey Results (Provisional)' released by Statistics Korea on the 27th, the total number of business operators at the end of last year was 6,238,580, an increase of 98,681 (1.6%) from the previous year. The total number of employees in all business establishments was 25,321,526, an increase of 104,403 (0.4%).

By industry, the number of business establishments in wholesale and retail increased by 53,000 (3.5%), while manufacturing decreased by 54,000 (-9.2%).

Kim Hyeryeon, head of the Economic Census Division at Statistics Korea, said, "It is understood that the number of wholesale and retail business establishments increased significantly due to the activation of e-commerce and the rise of unmanned stores."

The number of employees decreased in manufacturing by 38,000 (-0.9%) and construction by 35,000 (-1.8%), but increased in accommodation and food services by 78,000 (3.5%).

By age group of representatives, the 50s accounted for the largest share of business establishments at 31.5%, but the growth rate was notable among those aged 60 and over (64,000 establishments, 4.4%).

By employee size, small businesses with 1?4 employees (72,000 establishments, 1.4%) or 5?99 employees (255,000 establishments, 2.3%) and large businesses with 300 or more employees (41,000 establishments, 1.1%) all increased. By organizational form, sole proprietorships (82,000 establishments, 1.7%) and non-corporate organizations (8,000 establishments, 7.5%) also increased.

By region, the number of business establishments decreased in Seoul (-8,000 establishments, -0.7%) but increased in Gyeonggi (46,000 establishments, 3.0%), Chungnam (9,000 establishments, 3.5%), and Jeonbuk (7,000 establishments, 3.0%). The number of employees decreased in Seoul (-73,000 employees, -1.3%) and Busan (-5,000 employees, -0.3%) but increased in Gyeonggi (79,000 employees, 1.3%) and Jeonnam (20,000 employees, 2.3%).