(MENAFN) South Korea's manufacturing industry is agonizing from sinking progress and profitability, as the growth of industrial firms' sales fell by two-thirds over the past 14 years, based on recent reports.
Accordingly, the steel and metal industries in particular had their sales growth decline from an average 25.1 percent in the 2001-2005 period to 19.5 percent in 2006-2010 and further to 7.5 percent from 2011 to 2015.
However, the transport equipment industry reported the uppermost progress of sales among all manufacturing industries with 10.2 percent, although their profitability was very low at only 1.9 percent.
Basically, industrial firms need to boost competitiveness by providing clients with better services, also to drastically shift their business paradigm by adding and utilizing services to the whole life cycle of their products.
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