The domestic marine and fisheries industry generates over 63 trillion won in added value, accounting for 2.8% of the overall economy. The shipping and port sectors represent the largest share, with employment in the marine and fisheries sector nearing 780,000. The Ministry of Oceans and Fisheries is presenting a comprehensive overview of the industry’s scale through the national approved statistics of the marine and fisheries satellite account, while examining the current state of the domestic industry alongside global marine economic growth.
On November 5, the Ministry of Oceans and Fisheries, in collaboration with the Organisation for Economic Co-operation and Development (OECD) and the Korea Maritime Institute (KMI), will host an international seminar at the Busan Port International Exhibition and Convention Center (BPEX) under the theme 'Measuring the Marine Economy of the World and Korea.'
During the seminar, the OECD will introduce its report titled 'The Ocean Economy in a Nutshell.' According to the report, the global marine economy has grown approximately 2.3 times over the past 30 years, from 1995 to last year. Notably, the share of non-OECD Asian economies, including China and India, in the global marine economy's added value increased from 16.0% in 1995 to 36.2% last year, highlighting the growing role of Asia.
The Ministry will also present the findings and calculations from the marine and fisheries satellite account, which was approved as national statistics under the Statistics Act last December. This account provides data on the added value and employment status of the marine and fisheries sector, serving as foundational material for analyzing trends and formulating policies in the field. The Ministry plans to continue collaborating with the OECD and others to enhance the measurement capabilities of the marine economy, including the marine and fisheries satellite account.
As of 2023, the total output of the domestic marine and fisheries industry is estimated at approximately 197.7 trillion won, with an added value of about 63.2 trillion won. This added value represents roughly 2.8% of the total industrial added value, with employment in the marine and fisheries sector recorded at around 777,000 (on a full-time equivalent basis).
By industry, the shipping and port sector accounts for the largest added value at approximately 19.9 trillion won, followed by shipbuilding and marine plant construction and repair at about 13.5 trillion won, marine and fisheries-related services at around 11.7 trillion won, and fish production, processing, and distribution at a combined total of about 10.9 trillion won.
Additionally, representatives from the UNESCO Intergovernmental Oceanographic Commission and the statistical offices of Portugal and Norway will participate in discussions at the seminar. Participants will share their experiences in compiling marine economy statistics and explore ways to utilize this information for industrial policy, investment, and sustainable marine economic development.
Seo Jeong-ho, Director of the Marine Policy Office at the Ministry of Oceans and Fisheries, stated, "In a rapidly growing global marine economy, it is crucial to accurately understand the role of our marine and fisheries industry. We aim to examine the changes in the global marine economy and the current state of our industry through this seminar, and seek sustainable development directions for the marine economy in collaboration with the OECD and others."
* This article has been translated by AI.
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