South Korea imports and exports - General information
South Korea imports and exports, a bit of general information to start with. The economy of South Korea is a highly developed mixed economy dominated by family-owned conglomerates called chaebols. It is the 4th largest GDP in Asia and the 10th largest in the world. With the population 51,269,185 people South Korea population is equivalent to 0.66% of the total world population. Official language is Korean. The currency is the South Korean Won and the country is located in time zone UTC+9(CETA).
South Korea imports and exports - Economy
By sector:
Agriculture -2.2%
Industry – 39.3%
Services – 58.5%
The Korean economy is projected to grow 4.0% in 2021, led by exports and equipment investment, and 3.0% in 2022 as the recovery in private consumption continues. South Korea. South Korea has benefited from good vaccine supply and vaccination rates plus service industry based growth in consumer demand. Export growth has been driven by the international demand for semi-conductors.
Externally, the Korean economy may face a delayed recovery if the imbalance in raw material supply and demand and the logistics disruptions prolong, or if the global economy slows down led by China.
More detailed information on the economy of South Korea can be found on the website of the World Bank, a link to the South Korea section is below:
https://www.worldbank.org/en/country/korea/overview
South Korea imports and exports - Main categories
South Korea main exports by category:
Machinery including computers
Vehicles
Electrical equipment
Pharmaceuticals
Plastics
Minerals/fuels/oil
Iron/Steel
Optical, technical, medical apparatus
Ships, boats
Organic chemicals
South Korea main imports by category:
Minerals/fuels/oil
Electrical machinery, equipment
Machinery including computers
Optical, technical, medical apparatus
Vehicles
Iron, steel
Ores, slag, ash
Organic chemicals
Tips for exporting to South Korea
Adapt your products to the local culture as much as possible
South Korea is a price competitive economy so research what price the local market will sustain for your products
Exhibitions are a great way to promote your products in South Korea and there are many options such as: COEX: Korea’s largest full-service trade show organization, has 36,027 square meters of exhibition space with B2B and B2C events. SETEC:- The Seoul Trade Exhibition Center. KINTEX: with the largest exhibition space in Korea, with 108,566 square meters. BEXCO: Located in Busan, Korea’s holds dozens of B2C and B2B national exhibitions
As direct contact is valued visit the country yourself as much as possible – post pandemic of course
South Korea imports and exports - Trade information
South Korea’s major international trade partners are China, United States, Japan, Vietnam, Saudi Arabia and Germany.
South Korea is a member of the APEC, WTO, OECD, G-20
Total value of export – $577 billion
Total value of imports - $457 billion
South Korea imports and exports
South Korea imports and exports - Business development
Ease of doing business ranking –5th in the world
International dialing code - +82
Main business domain - .kr
Blackcat360.com business development opportunities
Blackcat360.com provides some very valuable resources that businesses around the world can use to access the South Korean and other markets. This includes articles providing expert advice on effective marketing to build export sales:
Export sales – new ideas & tipsGlobal trade latest news round upExporting – A free option7 Quick tips for successful exportsExports who buys what and where – essential
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South Korea imports and exports
South Korea imports and exports
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