Between 2013 and 2023, the value added of transportation and warehousing in South Korea showed a general upward trajectory, except for a significant drop in 2020, largely due to the COVID-19 pandemic. From 2021 onwards, the sector displayed robust recovery, climbing back to 66.35 trillion South Korean Wons in 2023. The year-on-year variation in 2022 was 7.71%, and 2.23% in 2023, indicating a recent steady yet modest growth. Over the last five years, from 2018 to 2023, the compound annual growth rate (CAGR) was 2.75%.
From 2024 onward, continued growth is forecasted at a slower pace. By 2028, the value is expected to reach 73.718 trillion South Korean Wons, with a 5-year CAGR standing at 1.71%, reflecting a forecasted overall growth rate of 8.87% over this period.
Trends to watch for in the future include:
- Impact of technological advancements such as AI and IoT on efficiency in logistics.
- Policy changes and investments supporting sustainable and green transportation.
- Global trade dynamics and their influence on South Korea's export-driven economy.
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