Development history of general machinery industry

History of General Machinery Industry

일반기계산업의 발전역사

Year		Main Content
'70s		Establishment of institutional framework for machinery industry growth Legislation of machinery promotion law (63.2~86.3) Fundamental development for machinery domestic production.
'80s		Groundwork for independent industry, improving domestic production legislation of manufacturing industry promotion law (86.1), and total production 120 billion Won to 950 billion Won. General machinery Import dependence (`70) 83.5 ~ (`90) 44.3%
'90s		Export industrialization, preparing for turnaround to overcome IMF jeopardy. Due to bankruptcy from 97 to 98, number of cooperation and employees related was reduced to the least ※ Number of Trades (276,000 in 1996 – 210,000 in 1998/ decreased by 16,000) ※ Relative proportion of Export(Export/Import %): 13.7% in 1990/ 18.0% in 1995/ 30.9% in 1999
'2000s		Korea is placed in top 10 countries for exportation of general machinery In 2007, it was recorded as first year of export surplus In 2008, export reached over 30 billion dollars. International general machinery export ranking: 19th in 1990 / 16th in 2000 / 10th in 2006 / 8th in 2011
'2010s		General machinery exports reached USD 44.3 billion in 2011, up 27.2% year-on-year, and surpassed USD 50 billion for the first time in 2018 In 2018, exports rose 10.7% year-on-year to USD 53.3 billion
'2020s		In 2023, general machinery exports totaled USD 53.4 billion, representing a 4.6% year-on-year increase

Transition in Major Items of General Machinery Industry

일반기계산업의 발전 지표 게시판

	Performance					Share of Total Manufacturing
	number of companies	Number of employees	amount of production	export	import	number of companies	Employment	amount of production	export	import
	unit	person	1 million won	1 million dollar		%	%	%	%	%
2007	8,513	260,875	67,899,234	30,581	23,981	13.8	10.4	7.2	8.9	10.6
2008	8,018	261,519	79,024,584	36,994	26,036	13.7	10.7	7.0	9.8	10.3
2009	7,853	253,562	72,712,145	26,502	24,218	13.5	10.3	6.5	8.0	12.2
2010	8,598	282,127	92,282,261	35,381	28,469	13.8	10.7	6.9	8.3	11.0
2011	8,719	295,216	101,906,678	44,811	31,469	13.8	11.0	6.8	9.2	10.8
2012	8,955	304,555	102,125,906	46,401	31,850	14.0	11.1	6.8	9.7	11.4
2013	9,181	313,603	99,552,373	44,791	34,545	14.0	11.1	6.7	9.0	12.2
2014	9,521	319,008	102,378,555	46,965	33,567	13.9	11.0	6.9	9.2	11.3
2015	9,526	315,282	100,388,857	45,571	30,952	13.8	10.7	6.7	9.4	10.8
2016	9,416	316,519	101,050,489	44,161	27,392	13.7	10.7	7.1	9.7	9.8
2017	9,790	335,089	120,790,274	48,251	29,925	14.1	11.3	8.0	9.1	9.5
2018	9,731	335,543	123,319,105	52,351	29,624	14.0	11.3	7.8	9.6	8.9
2019	9,835	335,208	119,086,557	51,127	28,611	14.1	11.4	7.7	10.5	8.9
2020	10,006	335,241	117,840,776	45,722	28,476	14.1	11.5	7.8	9.7	8.8
2021	10,288	340,489	135,756,847	50,075	31,432	14.2	11.6	7.6	8.5	7.9
2022	10,369	345,833	150,320,090	51,099	31,659	14.2	11.6	7.2	8.5	7.3
2023	10,269	347,018	155,044,666	53,434	30,762	14.1	11.7	7.8	8.5	4.8
2024	10,275	342,262	149,805,602	51,173	30,879	14.0	11.3	7.2	7.5	4.9
CAGR	1.1	1.6	4.8	3.1	1.5	0.1	0.5	0.0	-1.0	-4.4

• Source: Statistics Korea (KOSIS), Korea International Trade Association (TRASS)
• 1) Exports and imports are based on MTI (Ministry of Trade and Industry) classification for general machinery, as defined by the Ministry of Trade, Industry and Energy
• 2) CAGR refers to the compound annual growth rate for the period 2007–2024.
• 3) Data prior to 2019 are based on a survey-based dataset covering establishments with a physical business location. Data from 2020 onward are based on a register-based dataset, which supplements survey data with administrative records