South Korea: Facts & Stats

ECONOMY

Industry:

The growth of the industrial sector was the principal stimulus to economic development. In 1987 manufacturing industries accounted for approximately 30 percent of the gross domestic product and 25 percent of the work force. Benefiting from strong domestic encouragement and foreign aid, Korea's industrialists introduced modern technologies into outmoded or newly built facilities at a rapid pace. As a result, industry altered the country's landscape, drawing millions of laborers to urban manufacturing centers.

Except for mining, most industries were located in the urban areas of the northwest and southeast. Heavy industries generally were located in the south of the country.

In 1989 South Korea was the world's tenth largest steel producer, accounting for 2.3 percent of world steel production. Iron and steel production was expected to increase in the early 1990s, given the output increases in domestic user industries. Exports were likely to be flat or to decline because of decreased international demand.

In 1989 South Korea was a major producer of electronics, producing color televisions, videocassette recorders, microwave ovens, radios, watches, personal computers, and videotapes.

The automobile industry was one of South Korea's major growth and export industries. Throughout the 1970s and 1980s, the automobile industry was subject to a series of government controls and directives designed to nurture the industry and prevent excess competition. For most of the 1980s, Hyundai was the only company permitted to manufacture passenger cars, but in 1989 Kia Motors and Daewoo were allowed to reenter the passenger car business. In 1989 Ssangyong Motors became South Korea's fourth car manufacturer.

Textiles, clothing, and leather products made up about 24 percent of South Korea's manufacturing output in 1980. Over 10,000 textile and footwear enterprises employed more than four workers each, and 34,000 smaller shops manufactured such products.

The chemical industry began full production in the 1970s. Although dependent on imports of raw materials and certain high technology commodities, the chemical industry supplied many of the intermediate inputs for textile, plastic, synthetic rubber, rubber shoe, and paint factories, and had made South Korea virtually self-sufficient in fertilizers. The chemical fertilizer industry, a large part of the chemical industry, met most of South Korea's domestic consumption demands.

Agriculture:

Less than one-fourth of the republic’s area is cultivated. Along with the decrease in farm population, the proportion of national income derived from agriculture has decreased to a fraction of what it was.

Rice is the most important crop. Cultivation of a wide variety of fruits including tangerines and other citrus fruits, pears, persimmons, and strawberries, along with vegetables (especially cabbages) and flowers has become increasingly important.

Livestock and dairying are also important. The top three agricultural products after rice are pork, beef, and milk. The number of livestock farms fell from 1990 through the early 21st century even as production of dairy products and meat, especially pork, increased. Consumption of meat and dairy products also grew during the same period.

Fishing has long been important for supplying protein-rich foods and has emerged as a significant export source. South Korea has become one of the world’s major deep-sea fishing nations. Coastal fisheries and inland aquaculture are also well developed.

Research & Development:

To develop its economy, South Korea has been investing greatly in science and technology. Like the number of researchers, research and development expenditures have been growing: The percentage of gross domestic product invested in science and technology rose from 0.76% in 1981 to 2.91% in 2002.

The South Korean government has been supporting and guiding science and technology, but the private sector also is active in this regard. Two funding agencies, the Korean Science and Engineering Foundation and the Korea Research Foundation, support most of the basic research funded by the government. Funding for the two foundations comes mainly from the Ministry of Science and Technology and the Ministry of Education and Human Resources.

The Ministry of Science and Technology coordinates government policy regarding research in science and technology. There are other government institutes and foundations for science and technology, such as the Korea Institute of Science and Technology, founded in 1966 to support industrial needs in such fields as geosciences and telecommunication, and the Korea Science Foundation, whose mission is to foster public understanding of science and technology.

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