Semiconductors made up more than 10 percent of Korea's manufacturing output in 2024: BOK
A Bank of Korea report said semiconductors made up 10.1 percent of manufacturing output in 2024, overtaking steel for the first time as AI-driven demand continued to surge.
Samsung Electronics' sixth-generation high bandwidth memory (HBM4) and seventh-generation HBM4E semiconductor wafers are displayed at the Nano Korea 2026 exhibition in Kintex in Goyang, Gyeonggi, on July 8.
YONHAP
Korea's chipmaking sector accounted for more than 10 percent of the country's manufacturing output in 2024 driven by growing demand for AI infrastructure following the advent of ChatGPT, a central bank report showed Monday.
The semiconductor sector's production reached 210.8 trillion won ($143.7 billion) in the one-year period, making up 10.1 percent of the country's total manufacturing output, according to a report published by the Bank of Korea (BOK).
The sector became the country's largest manufacturing industry in 2024, followed by steelmaking with an 8.7 percent share and oil refining with 8.5 percent.
In the previous survey conducted in 2019, semiconductors ranked second with an 8.7 percent share, behind steelmaking at 9.7 percent.
In terms of value added, the chipmaking sector accounted for 16.7 percent in 2024 while representing 5 percent of manufacturing employment and 0.7 percent of manufacturing companies.
The BOK said AI-related demand has reshaped Korea's semiconductor industry.
“Since the end of 2022, when ChatGPT emerged, investment in data centers and AI computing infrastructure has increased sharply, and the global semiconductor supply chain has undergone AI-driven reorganization,” the BOK said.
“Korean chipmakers have adjusted their production and investment in line with this global trend.”
The central bank added that the figures are expected to rise significantly in 2026, supported by the ongoing semiconductor supercycle that has benefited the country's two major memory chipmakers, Samsung Electronics and SK hynix.
Yonhap
