Report: South Korea's manufacturing GDP is highly dependent on demand from the U.S. and Chinese overseas markets

Source: Interface News

A report released by the Korea Association of Operators on May 21 shows that South Korea's manufacturing gross domestic product (GDP) is highly dependent on demand in overseas markets such as the United States and China.

South Korea's manufacturing GDP in 2023 was reported to be US$483.8 billion, of which 58.4% (US$282.4 billion) were generated by overseas demand. The dependence on demand in overseas markets increased by 5.7 percentage points compared with 2000 (52.7%), while the dependence on demand in domestic markets dropped from 47.3% to 41.6% during the same period. At the same time, the demand dependence of the manufacturing GDP of the United States and China in overseas markets was 24.1% and 29.9% respectively, 40.6% in Japan, and the global average was 42.4%.

By country, South Korea's manufacturing GDP depended on the United States at 13.7%, its dependence on China at 10.8%, its daily at 2.6%, and its India at 1.9%. Compared with 2000, the dependence on the United States was reduced by 1.1 percentage point, and the dependence on China was more than doubled.

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