Semiconductor Boom Drives Mining and Manufacturing to Record Highs in All Four Key Indicators for First Time in 54 Years

Last year, as the semiconductor industry performed strongly, the number of mining and manufacturing businesses, the number of employees, shipments, and value added all reached record highs since statistics began in 1970.

President Donald Trump signed a proclamation imposing a 25% tariff without exceptions on steel and aluminum products imported into the United States, and announced that tariffs on automobiles and semiconductors are also under consideration. On February 13, 2025, export vehicles and containers were waiting to be loaded at Pyeongtaek Port in Gyeonggi Province. Photo by Kang Jinhyung

According to the "2024 Mining and Manufacturing Survey (Preliminary)" released by the National Data Agency on December 17, shipments in the mining and manufacturing sectors for businesses with 10 or more employees reached 2,090.2 trillion won last year, up 4.9% from the previous year.

Value added, which excludes major intermediate inputs from total production (752.3 trillion won), also increased by 11.4% compared to the previous year. In 2023, both shipments and value added had declined, but both rebounded within a year. By industry, electronics and telecommunications shipments rose by 26.4%, marking the largest increase since related statistics began in 2008. Value added also surged by 48.4%.

Other transportation equipment, such as ships, also saw significant increases in both shipments (19.4%) and value added (36.8%). Shipments and value added for automobiles grew by 1.8% and 9.2%, respectively. The National Data Agency analyzed that this was due to an increased share of high value-added finished vehicles, such as hybrid cars and recreational vehicles (RVs).

In the case of chemical products, shipments increased by 3.1%, but value added decreased by 1.6%. For primary metals, both shipments and value added fell by 1.9% and 7.1%, respectively. The number of mining and manufacturing businesses with 10 or more employees reached 73,890, up 0.7% from the previous year.

By industry, the number of businesses increased in food products (4.1%), electrical equipment (1.7%), and chemical products (2.3%), while it decreased in textiles (-3.5%) and rubber and plastics (-1.4%). The number of employees in the mining and manufacturing sectors rose by 2.1% year-on-year to 3,046,000.