Output from Korea’s state-run industrial complexes surged to a record-high level in 2010, fueled by solid economic growth and exports, a government report showed yesterday.

The findings by the Ministry of Knowledge Economy showed that the combined production from the 33 operational complexes reached 491.1 trillion won ($435 billion) last year, a 23.4 percent gain from the previous year.

The output is the highest reached by the 36,000 factories operating in the industrial complexes located around the country since the government started compiling data in the early 1960s.

“The gains are mainly due to strong economic growth and strong overseas demand for locally made goods that made it possible for companies to churn out more products,” a ministry official said.

Combined exports jumped 15.3 percent on-year to $180.3 billion, which is just shy of the record $182.5 billion shipped out in 2008. Companies in the complexes hired a total of 857,450 people, a 6.5 percent gain from 2009.

The average operating rate of factories in the complexes moved up 3.6 percentage points to 84.8 percent last year, with petrochemicals and machinery businesses contributing to the greatest output, the report said.

Source: Yonhap News (March 2, 2011)