Gyeongju - Economy

Economy

The economy of Gyeongju is more diverse than the city's image as a tourist haven would suggest. Although tourism is important to the economy, most residents work in other fields. Over 27,000 are employed in manufacturing compared to roughly 13,500 in the hospitality industry. The number involved in tourism has remained constant over recent years, while the manufacturing sector added about 6,000 jobs from 1999 to 2003. The manufacturing sector is closely tied to nearby cities, utilizing Gyeongju's transit links with Ulsan, Pohang, and Daegu. As in Ulsan and Daegu the automotive parts industry plays an important role. Of the 1,221 businesses incorporated in Gyeongju almost a third are involved in auto-parts manufacture.

Fishing takes place in coastal towns, especially in Gampo-eup in the city's northeast, with 436 registered fishing craft in the city. Fishing industry in Gyeongju is generally in a declined status due to relatively inconvenient transport conditions and lacks of subordinate facilities. Much of the catch from these boats goes direct from the harbor to Gyeongju's many seafood restaurants. Mainly, sauries, anchovies, rays are harvested and a small number of abalone and wakame farming takes place. Local specialties include myeolchijeot (fermented anchovy), abalone, wakame, and squid.

Agriculture is still important, particularly in the outlying regions of Gyeongju. According to the 2006 statistical yearbook of Gyeongju, rice fields occupy an area of 169.57 km2 (65.47 sq mi), which is 70% of the total cultivated acreage of 24,359 km2 (9,405 sq mi). The remaining 74.02 km2 (28.58 sq mi) consists of fields under other crops and farmsteads. Crop production is centered in the fertile river basins near the Hyeongsan River. The main crops are rice, barley, beans and corn. Vegetables such as daikon and napa cabbage and fruits are also important crops. Apples are mainly produced in the districts of Geoncheon-eup, Gangdong-myeon and Cheonbuk-myeon and Korean pear are cultivated in Geoncheon-eup and Angang-eup. The city plays a leading role in the domestic production of beef and mushrooms. Button mushrooms harvested in Geoncheon-eup are canned and exported. The cultivated acreage and the number of households engaging in agriculture is however declining.

A small amount of quarrying activity takes place in the city, with 46 active mines and quarries in Gyeongju. Most are engaged in the extraction of kaolin, fluorspar and Agalmatolite and Kaolin is exported.

As the capital of Silla, commerce and trading in Gyeongju developed early on. Samguk Sagi has records on the establishment of Gyeongdosi (capital area market) in March, 490 during King Soji's reign, and Dongsi (East Market) in 509, during King Jijeung's reign. In the 1830s, Gyeongju had five five-day markets which remained very active until the late 1920s. Due to its size Gyeongju Bunaejang (Gyeongju village market) was referred to as one of the two leading markets in the Yeongnam area, along with Daegu Bunaejang. Transportation developed in the late period of the Japanese occupation, as the Jungang Line and the Daegu Line and the connecting route between Pohang and the northwestern part of Japan were set up, leading to increasing population and developing commerce. After the 1960s, traditional periodic markets gradually transformed into regular markets as the city was flourishing. In periodic markets, agricultural and marine products, industrial products, living necessaries, wild edible greens, herbs, and cattle are mainly traded. As of 2006, Gyeongju had eight regular markets, nine periodic markets and the Gyeongju department store. Traditional periodic markets declined and have become token affairs these days.