Shipbuilding Industry Jobs Down 5.6% in First Half of Year... "It Takes Time to Produce Ordered Volume"

Employment Information Service Announces '2021 First Half Major Industry Job Outlook'
Shipbuilding Jobs Down 5.6% Compared to Last Year...Semiconductor & Electronics Up
Most Industries Stable Compared to Last Year...Overall First Half Employment Down 0.4% YoY

Job seekers are looking at job postings. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chaeseok] The employment shock caused by the COVID-19 pandemic is expected to continue into the first half of the year. Jobs in the shipbuilding industry are projected to decrease by nearly 6% compared to the first half of last year, which was the period of the first major wave of COVID-19.

On the 31st, the Korea Employment Information Service under the Ministry of Employment and Labor, together with the Korea Institute for Advancement of Technology, announced the '2021 First Half Major Industry Job Outlook.'

This survey covers job changes in the first half of this year for eight key manufacturing industries including machinery, shipbuilding, electronics, textiles, steel, semiconductors, automobiles, and displays, as well as construction, finance, and insurance sectors.

Job Growth Trend Forecast for the Korean Industry in the First Half of 2021 (Source: Korea Employment Information Service · Korea Institute for Advancement of Technology)

Shipbuilding is expected to decline by 5.6% (6,000 jobs) compared to the first half of last year. This is due to a decrease in orders last year, which has led to reduced workloads this year.

Although orders are expected to increase this year due to regulations such as the European Union (EU) greenhouse gas emission permits, it is anticipated that it will take time before actual production increases, making immediate employment growth unlikely.

Steel is also expected to decrease by 1.4% (2,000 jobs). This is because the steel markets in Southeast Asia, India, and other regions are sluggish, and exports this year are projected to fall below 30 million tons.

Additionally, finance and insurance (-0.4%), machinery (-0.1%), and automobiles (-0.1%) are also expected to perform poorly.

Major Industries Job Outlook for the First Half of 2021. (Source: Korea Employment Information Service · Korea Institute for Advancement of Technology)

Jobs in information and communication technology (ICT) sectors such as semiconductors are expected to increase.

Semiconductors are projected to grow by 2.9% (4,000 jobs). Increased demand for mobile devices, servers, and computers in the global market is expected to boost production and exports.

Electronics are expected to increase by 1.6% (11,000 jobs). The base effect from the spread of COVID-19 and increased demand for electronic components such as memory due to the expansion of 5G services are expected to positively impact employment.

Jobs in display (1.4%), construction (1.4%), and textiles (0.5%) industries are also expected to increase.

This content was produced with the assistance of AI translation services.