Building on robust corporate earnings reported earlier, South Korea's electronics and telecommunications shipments hit a record 340.5 trillion won in 2024, up 26.4 percent, driven by AI demand. This caps a strong year for manufacturing amid global chip recovery.
South Korea's combined manufacturing and mining shipments reached 2,090.2 trillion won ($1.41 trillion) in 2024, up 4.9 percent from 2023, per Ministry of Data and Statistics data. The electronics and telecommunications sector led with 340.5 trillion won in shipments -- a 26.4 percent rise and the highest since 2008 -- alongside value added of 169.4 trillion won, up 48.4 percent and the third-highest on record.
This growth follows the previously reported 20.6 percent jump in corporate earnings to 181.9 trillion won, both propelled by AI demand boosting memory semiconductor exports. Automobiles grew 1.8 percent on EV and luxury demand, while food shipments rose 2.5 percent to 124.5 trillion won via convenience foods and K-food exports.
The sector ended 2024 with 73,890 companies (up 0.7 percent) and 3.04 million employees (up 62,000), underscoring AI's role in manufacturing rebound.
