This study seeks to examine the current status of Korea’s shipbuilding industry and the problems of deferred payment finance; and thereby to suggest policy measures to facilitate development for the shipbuilding industry.
Korea’s shipbuilding industry intensively produces first for Korea, and then exports to countries overseas. As the shipbuilding industry uses less energy resources compared to other industries, the industry is more productive in this sense, also an icon of the highly-growing industry. With its full-scale growth since the 1970s, the Korean shipbuilding industry is at the forefront of the global market, obtaining an order rate of 9.2%, the second highest rate in the world. In 1973, the world’s total amount of shipbuilding orders was 73.6 million G/T while the amount of Korea’s orders was 980 thousand G/T. Since 1979, the order amount for Korean shipbuilders increased to 1.203 million G/T while the country’s productivity increased by 1.58% and exports by 3.04%, showing continuous growth of the shipbuilding industry.
However, the shipbuilding market stagnated as the oil price shock swept across the entire world between 1973 and 1977. During the period, the volume of marine trade decreased by 4% while global trade decreased by 6.3%, which also affected the Korean shipbuilding industry in direct and indirect ways. But the Korean shipbuilding industry recovered and made a small increase as the world economy regained stability since 1978.
The Korean shipbuilding industry, indeed, is making continuous progress but still holds the weakness of being vulnerable to the fluctuations taking place around the world market. Nevertheless, forecasts for the Korean shipbuilding industry are positive. However, there is a need for a support mechanism based on industrial development, as well as a need for a stable supply and demand in order for the industry to survive in the competition among developed countries. In addition, further research needs to be conducted on a diverse spectrum in order to facilitate industrial development, including the following: business analysis of companies building ships; study of the effective utilization of financial support; identification of problems of deferred payment-based export and examination of solutions.
- 조선공업의 현황과 연불금융의 효율성(Study of the current status of the shipbuilding industry and the effectiveness of deferred payment finance)
조선공업의 현황과 연불금융의 효율성(Study of the current status of the shipbuilding industry and the effectiveness of deferred payment finance)
|Series Title; No||정책연구시리즈 / 82-07|
|Subject||Industry and Technology < Others|