South Korea’s manufacturing sector has shed 180,000 jobs over the past five years, hit by restructuring in the shipbuilding and auto industries

2022-06-14 0 By

South Korea’s manufacturing sector has lost nearly 180,000 jobs in the past five years due to a surge in overseas recruitment, Yonhap news Agency reported on January 31.The Federation of Korean Industries (FKI) recently released an analysis of domestic and overseas employment in the manufacturing sector from 2015 to 2019.The results showed that domestic manufacturing employment fell by more than 180,000, or 3.9 per cent, from 2015.Over the same period, Japan, Germany and the United States increased by 3.3 percent (340,000), 3.3 percent (250,000) and 3.1 percent (490,000), respectively.According to the FEDERATION of Korean Industries (FKI), the decrease in the number of Korean manufacturing workers is mainly due to the restructuring of the shipbuilding industry and the automobile industry due to the plummeting orders for ships.Japan, Germany and the United States, on the other hand, have strengthened their manufacturing base to create jobs in the wake of the 2008 global financial crisis, and have continued to promote the repatriation of manufacturing.