S. Korea’s electronics, telecommunications shipments set record high in 2024
South Korea’s electronics and telecommunications industries recorded their highest-ever shipment levels in 2024, driven mainly by growing demand for artificial intelligence, official data showed Wednesday, Qazinform News Agency cites Yonhap.
Total shipments from manufacturers and mining firms with more than 10 employees reached an estimated 2,090.2 trillion won (US$1.41 trillion), up 4.9 percent from the previous year, according to the Ministry of Data and Statistics.
Shipments from domestic electronics and telecommunications companies surged 26.4 percent year-on-year to 340.5 trillion won, marking the strongest performance since records began under the current system in 2008.
Value added in the sector climbed sharply to 169.4 trillion won, a 48.4 percent increase from 2023, ranking as the third highest on record. The ministry attributed the growth largely to a boom in AI-related demand, which boosted memory semiconductor exports.
As of the end of 2024, South Korea had 73,890 mining and manufacturing companies, up 0.7 percent from a year earlier.
Automobile shipments rose 1.8 percent on strong demand for electric and luxury vehicles, while food industry shipments increased 2.5 percent to 124.5 trillion won, supported by higher sales of convenience foods and exports of K-food products such as instant noodles.
By the end of 2024, South Korea had 73,890 mining and manufacturing companies, up 0.7 percent from a year earlier, with industry employment rising by 62,000 to 3.04 million compared with the figure in 2023.
Earlier, it was reported a one-third of South Korean youth happy with work, wage levels.