Incheon Port Annual Production Induced Value 38 Trillion Won... Accounts for 34% of Incheon GRDP

An Increase of 16.554 Trillion KRW Compared to the 2013 Survey

The annual production inducement amount of Incheon Port was found to account for 34% of Incheon’s Gross Regional Domestic Product (GRDP).

Incheon Port Authority (IPA) released a report on the economic ripple effects of Incheon Port this year to commemorate the 20th anniversary of the authority’s establishment, in collaboration with the Industry-Academic Cooperation Foundation of Inha University.

According to the report, the annual regional production inducement amount of Incheon Port’s port logistics industry (as of 2022) was 38.437 trillion KRW, an increase of 16.554 trillion KRW from 21.883 trillion KRW in 2013.

This production inducement amount of Incheon Port accounts for 33.9% of Incheon’s GRDP of 113.253 trillion KRW. IPA explained that the increase in production inducement amount corresponds to the growth of Incheon’s GRDP. The proportion of Incheon Port’s production inducement amount relative to Incheon’s GRDP was similarly recorded at 33.8% in the 2013 survey.

Incheon New Port Container Terminal. Provided by Incheon Port Authority

Professor Changsoo Seo of the Department of Industrial Management at Inha University, who conducted this study, said, "Incheon is the only metropolitan city nationwide where population inflow is increasing and the GRDP growth rate is higher compared to other regions, so the proportion of Incheon Port’s production inducement amount increased slightly by 0.1 percentage points over 9 years."

Lee Kyung-gyu, President of IPA, stated, "Incheon Port has been shown to create significant ripple effects on the regional economy by linking with various industries such as logistics, manufacturing, and services," adding, "We will contribute to regional economic development through continuous port logistics innovation and the establishment of smart and eco-friendly ports."

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