As of 2023, 31 Busan Companies Among Top 1000 Nationwide Firms, Up by 3
Renault Korea, 2nd in Sales, Loses Regional Top Spot for First Time in 15 Years Since 2008
Air Busan Reenters Top 1000 Nationwide Firms, Leading in Sales Growth Rate and Ranking Increase
Based on 2023 sales revenue, BNK Busan Bank ranked first among Busan companies for the first time since the survey began.
Renault Korea, which had consistently held the top sales position in Busan, was pushed to second place for the first time in 15 years since 2008, when it lost the top spot to Hanjin Heavy Industries (now HJ Heavy Industries).
The Busan Chamber of Commerce and Industry (Chairman Yang Jae-saeng) announced this on the 27th through an analysis of the status of Busan companies among the top 1,000 companies nationwide based on 2023 sales revenue, using corporate information from credit rating agencies and the Financial Supervisory Service's electronic disclosure system.
According to the survey, the number of Busan companies listed among the top 1,000 companies nationwide based on 2023 sales revenue totaled 31, an increase of 3 companies from 28 in 2022. Four companies newly entered the list, while one existing company dropped out.
BNK Busan Bank, which ranked first in Busan based on 2023 sales revenue, saw an increase in sales due to the expansion of loan products and strengthened risk management, rising 38 places nationwide to rank 111th. On the other hand, Renault Korea lost the top sales position in Busan for the first time in 15 years due to decreased domestic sales of its main models and a slowdown in exports.
Among the companies newly listed in the top 1,000 nationwide in 2023 were Air Busan, which is rapidly recovering demand post-endemic; Dong Sung Fine Tec, which increased sales due to a rise in orders for eco-friendly ship parts; Geukdong Construction, which expanded orders for government projects; and KM, which saw increased sales of plastic parts such as automotive consoles.
The most notable company among these was Air Busan, which re-entered the top 1,000 companies after three years by achieving the highest sales growth rate and ranking increase in Busan, thanks to a 485.9% increase in international passenger transport sales. However, if Air Busan is absorbed and merged into Jin Air following the merger of Korean Air and Asiana Airlines, Busan would lose a key company listed among the top 1,000 nationwide.
Looking at the changes in national rankings of the 31 Busan companies within the top 1,000, 19 companies improved their sales rankings while 12 declined. Besides the four newly entered companies, notable rank increases included Dongwon Development, which rose 150 places (from 832nd to 682nd), SNT Motiv, which climbed 70 places (from 520th to 450th), and HJ Heavy Industries, which advanced 65 places (from 305th to 240th).
The company with the largest drop in ranking was SM Line, which fell 337 places (from 240th to 577th).
The status of Busan companies among the top 1,000 nationwide in 2023 remained low. Since Renault Korea dropped out of the top 100 nationwide in 2020, there have been no companies from the region within the top 100 for four years, showing a significant gap compared to the Seoul metropolitan area, which accounts for 88% of companies within the top 100. More than half of the 31 Busan companies?19 companies?were ranked outside the top 500 nationwide. Despite the increase of three Busan companies in the top 1,000 in 2023, the total regional sales grew by only 0.4% compared to 2022, indicating almost no external growth.
A representative from the Busan Chamber of Commerce and Industry’s research team said, “It is positive to see local companies making progress despite uncertain business conditions such as high inflation, high interest rates, and sluggish domestic demand. However, the number of local companies entering the top 1,000 does not yet reflect the status of Busan’s economy.” He added, “Local governments urgently need to establish detailed corporate development strategies, including expanding policy support and incentives for regional companies aiming to increase value-added through business restructuring.”
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