Most Popular
-
1
Medical profs at top hospitals suspend surgeries, clinics
-
2
Samsung chip business back on track, logs W1.9tr operating profit in Q1
-
3
Exports to US reach all-time high, widen gap with China
-
4
Shinsegae faces showdown with investors over SSG.com's delayed IPO
-
5
Hopes rise for possible Gaza truce deal
-
6
Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
-
7
Ex-pro baseball player who killed debtor appeals sentence
-
8
S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
-
9
S. Korea to issue travel ban on Haiti amid intensifying gang violence
-
10
Leaders of S. Korea, Angola agree to boost economic, trade cooperation
South Korea's economy became slightly less trade-dependent in 2019, with imports accounting for more than 14 percent of overall supplies here, a central bank report showed Monday.
The country's overall industrial output amounted to 5,097.5 trillion won ($4.49 trillion) in 2019, compared with 5,074.2 trillion won in 2018, according to the report from the Bank of Korea (BOK).
Domestic output accounted for 85.6 percent of the total, up from 85.5 percent in 2018, while imports accounted for the remaining 14.4 percent, down from 14.5 percent in 2018.
South Korea also became less import-dependent for its own exports.
The ratio of domestic commodities to intermediate inputs, or the localization rate, rose to 78.2 percent in 2019 from 77.7 percent the year before.
Imports accounted for 12.3 percent of overall intermediate inputs in 2019, down from 12.7 percent the previous year.
"This was due mainly to falls in the import prices of raw materials, including oil and natural gas," the BOK said.
Exports accounted for 28.9 percent of total demand in 2019, down from 30.5 percent in 2018.
Meanwhile, the service industry continued to expand its share in total output, accounting for 47.6 percent of total output in 2019, up from 46.2 percent in 2018.
Manufactured goods accounted for 41.7 percent of total output, compared with 43.1 percent in 2018, according to the BOK.
Both the manufacturing and service sectors needed fewer workers in 2019.
The workers coefficient of manufactured goods was unchanged at 4.7 in 2019, while that of services fell to 9.2 from 9.4 over the cited period.
The workers coefficient refers to the number of workers per billion won in output. (Yonhap)
The country's overall industrial output amounted to 5,097.5 trillion won ($4.49 trillion) in 2019, compared with 5,074.2 trillion won in 2018, according to the report from the Bank of Korea (BOK).
Domestic output accounted for 85.6 percent of the total, up from 85.5 percent in 2018, while imports accounted for the remaining 14.4 percent, down from 14.5 percent in 2018.
South Korea also became less import-dependent for its own exports.
The ratio of domestic commodities to intermediate inputs, or the localization rate, rose to 78.2 percent in 2019 from 77.7 percent the year before.
Imports accounted for 12.3 percent of overall intermediate inputs in 2019, down from 12.7 percent the previous year.
"This was due mainly to falls in the import prices of raw materials, including oil and natural gas," the BOK said.
Exports accounted for 28.9 percent of total demand in 2019, down from 30.5 percent in 2018.
Meanwhile, the service industry continued to expand its share in total output, accounting for 47.6 percent of total output in 2019, up from 46.2 percent in 2018.
Manufactured goods accounted for 41.7 percent of total output, compared with 43.1 percent in 2018, according to the BOK.
Both the manufacturing and service sectors needed fewer workers in 2019.
The workers coefficient of manufactured goods was unchanged at 4.7 in 2019, while that of services fell to 9.2 from 9.4 over the cited period.
The workers coefficient refers to the number of workers per billion won in output. (Yonhap)
