ID :
148419
Tue, 11/02/2010 - 12:58
Auther :
Shortlink :
https://oananews.org//node/148419
The shortlink copeid
Manufacturing shipment growth hits 11-year low in 2009
SEOUL, Nov. 2 (Yonhap) -- South Korea's manufacturing sector shipments posted the lowest growth in over a decade in 2009 mainly due to the global economic slump that hurt exports and production, a government report said Tuesday.
The report by Statistics Korea showed shipments growing just 1.2 percent on-year to 1126.63 trillion won (US$10.08 trillion) last year compared to 1113.31 trillion won reached in 2008.
The gain was the lowest since the minus 1.0 percent on-year growth reported in 1998 when the country was struggling to cope with the Asian financial crisis that caused it to seek outside help.
"Last year's number is a clear indication of how bad the manufacturing sector was hit by the global economic downturn that began with the collapse of the U.S. investment giant Lehman Brothers in late 2008," an official said.
The South Korean economy, Asia's fourth-largest, grew 0.2 percent on-year last year.
He said shipments of refined oil products, steel and automobiles all fell into negative territory, with electronics and ships bolstering growth.
The country started compiling shipment reports in 1967 with most years posting solid gains.
In the 2000-2009 period, manufacturing sector shipments grew an annual average of 9.68 percent with numbers surging 17.8 percent on-year in 2008.
The annual report, meanwhile, showed that the number of manufacturing and mining-related companies with more than 10 workers fell 0.7 percent on-year to 58,439 in 2009.
Employees hired by such companies also declined 0.1 percent to 2.46 million, with losses being centered on automobile, machinery and plastic-rubber manufacturing industries, it added.
The report by Statistics Korea showed shipments growing just 1.2 percent on-year to 1126.63 trillion won (US$10.08 trillion) last year compared to 1113.31 trillion won reached in 2008.
The gain was the lowest since the minus 1.0 percent on-year growth reported in 1998 when the country was struggling to cope with the Asian financial crisis that caused it to seek outside help.
"Last year's number is a clear indication of how bad the manufacturing sector was hit by the global economic downturn that began with the collapse of the U.S. investment giant Lehman Brothers in late 2008," an official said.
The South Korean economy, Asia's fourth-largest, grew 0.2 percent on-year last year.
He said shipments of refined oil products, steel and automobiles all fell into negative territory, with electronics and ships bolstering growth.
The country started compiling shipment reports in 1967 with most years posting solid gains.
In the 2000-2009 period, manufacturing sector shipments grew an annual average of 9.68 percent with numbers surging 17.8 percent on-year in 2008.
The annual report, meanwhile, showed that the number of manufacturing and mining-related companies with more than 10 workers fell 0.7 percent on-year to 58,439 in 2009.
Employees hired by such companies also declined 0.1 percent to 2.46 million, with losses being centered on automobile, machinery and plastic-rubber manufacturing industries, it added.
