{"id":2201943,"date":"2023-08-09T17:56:15","date_gmt":"2023-08-09T08:56:15","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201943"},"modified":"2023-11-20T17:32:43","modified_gmt":"2023-11-20T08:32:43","slug":"south-koreas-dual-economy-manufacturing-might-vs-service-slump","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/08\/south-koreas-dual-economy-manufacturing-might-vs-service-slump\/","title":{"rendered":"South Korea\u2019s dual economy: Manufacturing might vs service slump"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s growth trajectory, while commendable by the Organization for Economic Co-operation and Development\u2019s (OECD) benchmarks, reveals deeper structural economic concerns. Although the nation consistently inches closer to the advanced post-industrial countries in economic output, examining the drivers of this growth provides a clearer picture:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On a per-unit-input basis, South Korea\u2019s manufacturing sector is surpassed only by the U.S. within the OECD. Moreover, manufacturing has a more substantial representation in South Korea\u2019s economy than in other nations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conglomerates primarily fuel this productivity. In stark contrast, smaller firms, especially those operating in less lucrative sectors with limited capital and a shortage of skilled labor, lag significantly in value production.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The service sector is predominantly populated by smaller firms entrenched in low-value markets. High-tech services only form a minuscule slice of the pie.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This gap between the manufacturing and services sectors is the most pronounced within the OECD. Although the service sector employs a significant portion of the workforce, its contribution to economic growth appears lackluster.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Addressing inefficiencies in the service sector would necessitate tough political decisions. The potential \u201c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/w\/walmart-effect.asp\"><span style=\"font-weight: 400;\">Wal-Martization<\/span><\/a><span style=\"font-weight: 400;\">\u201d of distribution and catering might benefit the broader economy, but it risks a backlash from numerous stakeholders who might find themselves at a disadvantage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Augmenting the high value-added segment within the service employment arena seems necessary and overdue.<\/span><\/li>\n<\/ul>\n<p><b>UNVEILING THE SERVICE SECTOR<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The lion\u2019s share of <\/span><a href=\"https:\/\/data.worldbank.org\/indicator\/NE.TRD.GNFS.ZS?locations=KR\"><span style=\"font-weight: 400;\">South Korea\u2019s trade<\/span><\/a><span style=\"font-weight: 400;\"> pertains to <\/span><a href=\"https:\/\/data.oecd.org\/trade\/trade-in-goods.htm#indicator-chart\"><span style=\"font-weight: 400;\">goods<\/span><\/a><span style=\"font-weight: 400;\">, with services forming a <\/span><a href=\"https:\/\/data.oecd.org\/trade\/trade-in-services.htm\"><span style=\"font-weight: 400;\">relatively small proportion<\/span><\/a><span style=\"font-weight: 400;\"> of total trade. The professional service sector\u2019s robust regulation in South Korea, <\/span><a href=\"https:\/\/koreapro.org\/2022\/10\/why-south-koreas-highly-regulated-economy-is-a-headache-for-foreign-investors\/\"><span style=\"font-weight: 400;\">shielding<\/span><\/a><span style=\"font-weight: 400;\"> it from international competition, underscores a broader economic narrative \u2014 the service sector\u2019s <\/span><a href=\"https:\/\/www.oecd-ilibrary.org\/economics\/boosting-productivity-in-korea-s-service-sector_226625875038\"><span style=\"font-weight: 400;\">muted competitiveness<\/span><\/a><span style=\"font-weight: 400;\"> relative to its manufacturing counterpart.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In contrast, the country\u2019s manufacturing landscape is highly competitive. Its industrial cornerstones range from advanced washing machines and ships to state-of-the-art smartphones and televisions. This export-driven approach has consistently reinforced the sector\u2019s competitive edge, driving continuous upskilling and fostering progression up the value chain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, South Korea is not a manufacturing hub with a small service sector attached. A significant chunk of its economy, mirroring global economic patterns, is non-tradable. These are sectors resistant to international trade due to logistical or regulatory hindrances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This bracket encompasses professional services, whose trade potential remains untapped due to regulatory constraints. Also, it extends to less high-profile sectors like catering, retail and hospitality, which comprise much of Korea\u2019s gross domestic product.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Supporting this perspective, <\/span><a href=\"https:\/\/www.nabo.go.kr\/Sub\/01Report\/01_01_Board.jsp?funcSUB=view&amp;bid=19&amp;arg_cid1=0&amp;arg_cid2=0&amp;arg_class_id=0&amp;currentPage=0&amp;pageSize=10&amp;currentPageSUB=0&amp;pageSizeSUB=10&amp;key_typeSUB=&amp;keySUB=&amp;search_start_dateSUB=&amp;search_end_dateSUB=&amp;department=0&amp;department_sub=0&amp;etc_cate1=&amp;etc_cate2=&amp;sortBy=reg_date&amp;ascOrDesc=desc&amp;search_key1=&amp;etc_1=0&amp;etc_2=0&amp;tag_key=&amp;arg_id=8039&amp;item_id=8039&amp;etc_1=0&amp;etc_2=0&amp;name2=0\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> from the South Korean National Assembly Budget Office reveals that while the manufacturing sector&#8217;s output stood at $399.38 billion (525.5 trillion won) in 2022, services stood at $851.2 billion (1.12 quadrillion won).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A deeper dive shows that the electronics segment, including semiconductors, clocked an output of $135.13 billion (177.8 trillion won). In comparison, the combined might of the wholesale, retail and hospitality sectors stood at $139.08 billion (183 trillion won).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The service sector, in sheer volume, dwarfs manufacturing. Even its largest components \u2014 wholesale, retail and hospitality \u2014 surpass South Korea\u2019s biggest export sector \u2014 electronics. For perspective, other economic sectors like agriculture, forestry and fishing reached $24.85 billion (32.7 trillion won); mining touched $1.37 billion (1.8 trillion won); utilities summed up to $37.16 billion (48.9 trillion won); and construction capped at $66.2 billion (87.1 trillion won).<\/span><\/p>\n<div id=\"attachment_2201945\" style=\"width: 1880px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2201945\" class=\"size-full wp-image-2201945\" src=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/08\/1-3.png\" alt=\"\" width=\"1870\" height=\"1000\" srcset=\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/08\/1-3.png 1870w, https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/08\/1-3-935x500.png 935w, https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/08\/1-3-1255x670.png 1255w\" sizes=\"(max-width: 1870px) 100vw, 1870px\" \/><p id=\"caption-attachment-2201945\" class=\"wp-caption-text\"><em>An illustration of an oil tanker being constructed at a shipyard | Image: Korea Pro<\/em><\/p><\/div>\n<p><b>DRAG ON GROWTH<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While the South Korean service sector is vast, it confronts significant headwinds that impede economic growth. Typically, economies flourish by leveraging more labor and capital or by raising labor productivity, capital and other factors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regrettably, South Korea\u2019s labor productivity trajectory has dimmed. It stagnated in the 2000s, experienced negative growth post-2010 and has not witnessed tangible growth since the 1990s. In purchasing power parity terms, the nation\u2019s labor force productivity lags, only outpacing a handful of OECD countries like Greece, Chile, Mexico and Colombia.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A clear visualization of the polarization of South Korean workplaces emerges when studying the country\u2019s wholesale and retail sectors. Large firms, defined as businesses that employ 250 or more workers, boast some of the highest productivity rates in the OECD. These firms\u2019 per capita output trumps that of their German, French and Belgian counterparts, according to a Korea Productivity Center <\/span><a href=\"https:\/\/stat.kpc.or.kr\/popup\/preview\/pdf?page=\/report\/index&amp;fileseq=1575&amp;boardseq=343\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the narrative shifts when considering small and medium-sized firms (SMEs), according to the same report. Their productivity, while respectable, falls behind nations like Belgium and Denmark. Complicating matters, these SMEs dominate the South Korean market, accounting for a staggering 90% \u2014 leading to substantial implications for industry efficiency. This SME prevalence contrasts sharply with markets like Germany and France, where the revenue distribution is more balanced.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The hospitality sector, encompassing hotels and restaurants, mirrors these dynamics, albeit more acutely. In South Korea, SMEs overwhelmingly dominate, contributing to nearly 98% of sector revenue. It\u2019s noteworthy that South Korean SMEs and large enterprises are highly productive by OECD standards, despite the evident gap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yet another facet worth scrutinizing is the considerable presence of these low-productivity, SME-centric sectors in South Korea\u2019s employment landscape. <\/span><a href=\"https:\/\/www.fki.or.kr\/main\/news\/statement_detail.do\"><span style=\"font-weight: 400;\">Data<\/span><\/a><span style=\"font-weight: 400;\"> from the Federation of Korean Industries (FDI) underscores this: retail and hospitality together employed 30% of South Korea\u2019s service workforce as of 2020 \u2014 one of the highest figures in the OECD.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In contrast, South Korea, often hailed for its technological prowess, surprisingly harbors limited employment in the high-value, high-productivity specialist science and technology sector \u2014 lagging behind many OECD peers.<\/span><\/p>\n<p><b>POSSIBLE PATH FORWARD<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Addressing South Korea\u2019s productivity challenges, especially in the restaurant, hotel and retail sectors, will be challenging. For these industries to experience a surge, the entry of larger firms or consolidation among the existing smaller entities may be pivotal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While integral to the local fabric, the predominance of small-scale businesses often doesn\u2019t foster efficiencies or open new avenues for export revenues. Notable players such as Lotte Department Store and E-mart have made strides overseas, but they have a long way to go to expand domestically and internationally.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The \u201cWal-Martization\u201d of South Korea\u2019s retail landscape \u2014 a phenomenon where the advent of a retail giant like Wal-Mart disrupts local businesses, potentially ousting smaller firms and pressuring wages in the vicinity \u2014 can streamline operations and bolster profitability. But it also poses significant challenges. Such challenges include potential job losses and the closure of many small-scale enterprises.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A parallel can be drawn to \u201cMcDonaldization\u201d in the food sector. The proliferation of global food chains could mean local establishments face fierce competition, necessitating a potential reevaluation of the number of restaurants in operation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s crucial to recognize that many of these smaller ventures serve as economic safety nets for those unable to secure well-paying jobs in corporate or governmental spheres or who are retired. Consequently, revamping these sectors to enhance productivity will likely be politically fraught.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Transitioning to high-value-added services presents another possible solution. The FDI advocates amplifying research and development investments, increasing tax breaks and governmental support. While such measures may not yield immediate outcomes, a comprehensive strategy to incentivize innovation is long overdue.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Edited by John Lee<\/span><\/i><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s growth trajectory, while commendable by the Organization for Economic Co-operation and Development\u2019s (OECD) benchmarks, reveals deeper structural economic concerns. Although the nation consistently inches closer to the advanced post-industrial countries in economic output, examining the drivers of this growth provides a clearer picture: On a per-unit-input basis, South Korea\u2019s manufacturing sector is surpassed [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2201944,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24],"class_list":["post-2201943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s dual economy: Manufacturing might vs service slump - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/08\/south-koreas-dual-economy-manufacturing-might-vs-service-slump\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s dual economy: Manufacturing might vs service slump - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s growth trajectory, while commendable by the Organization for Economic Co-operation and Development\u2019s (OECD) benchmarks, reveals deeper structural economic concerns. 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