Outlook for 12 key industries in 2021
|Author||Center for Growth Engine Industries||Date||2020.12.03||Issue No|
In 2021, exports of key industries are expected to grow by 10.6 percent YoY owing to the economic recovery and the base effect, but are not to return to 2019 levels due to intensifying competition in global markets.
● Exports in the automotive oil refining and petrochemical sectors, which have a significant base effect, are likely to grow by 10 percent or more. With the transition to a contactless economy and stricter environmental regulations, the ICT device, semiconductor and rechargeable battery sectors are expected to continue to grow, by rates of 9.9, 13.1, and 5.7 percent, respectively.
● Exports of displays, which dropped drastically this year, are likely grow by 2.4 percent in 2021, and thanks to growth in demand industries, exports of general machinery and steel are likely to rise by 6.3 and 7.7 percent, respectively.
Production is expected to rise in most industries, but that growth will likely be outpaced by export growth.
● Despite an upturn in domestic demand, sales of domestic products are likely to face challenges in 2021 due to the sharp increase in the number of low-cost, overseas imports.
● Production of home appliances and displays are expected to fall by 1.1 and 3.5 percent, respectively, but production of automobiles, ships, semiconductors and ICT devices is likely to expand by margins of six, 10.8, 10.2, and 7.5 percent, respectively). Exports of general machinery, steel, petrochemicals, textile and rechargeable batteries are also expected to maintain an upward trend.？