With imports of around $540 billion annually South Korea ranks at number 9 on the list of importing economies. The country has been characterised by rapid economic growth in recent decades, with GDP per capita rising from $2,300 in 1980 to $30,000 in 2010.
The major imports of South Korea are machinery, electronics, electronic equipment, steel, oil, optical instruments, plastics, organic chemicals and transport equipment. Major import partners are China, Japan, the United States, Saudi Arabia, Qatar and Australia.
South Korea Country Profile
Official Name (Local Language)
South Korean Won
Telephone Dial In
South Korea Imports Profile
Imports ($m USD)
Number of Import Products
Number of Import Partners
Top 5 import partners
% Partner Share
Top 5 Import Products at HS 6 digit level
Petroleum oils and oils obtained from bituminou
Monolithic integrated circuits, digital
Natural gas, liquefied
Petroleum oils, etc, (excl. crude); preparation
Apparatus and equipment for photographic (incl
Chart Showing GDP Growth Compared to rest of world
Trade finance is a revolving facility which alternative financiers offer – it enables SMEs to purchase stock supplies and can help reduce the pressure from cashflow issues.
Often, a trade finance bank will fund all of the cost of the products, including charges (e.g. VAT charges).
Trade finance offers added advantages over more traditional bank finance such as invoice finance or business loans. Trade finance provides up front funding without affecting existing bank relationships.
How does it work?
If you’re a company importing or exporting goods outside of your own country, then a trade finance facility would assist your company to fund this through offering a letter of credit (LC) or some form of cash advance.
I’m looking to export to South Korea, how can Trade Finance Global help, and how does it work?
If you are looking to export products to other markets, you may need finance for exporting, which is an agreement between you (the exporter), and the foreign importer. A alternative financier will advance you the cost of producing the goods that you are exporting (as a debt product), either once you have sent the goods, or before you have produced them. Once your foreign importer has received the products and pays you for the import, you will repay the advance from the export bank over an agreed period.
Exporting to South Korea? Contact our local experts
Trade Finance Global is the trading name of TFG Finance Ltd (company number: 10305143) and TFG Publishing Ltd (12157036), incorporated in England and Wales, at 201 Haverstock Hill, Second Floor Fkgb, London, England, NW3 4QG. Trade Finance Global is registered as a Data Controller under the ICO: ZB421903 and ZB436621.
TFG Finance Ltd is an introducer, not a lender, working with Limited Companies and Incorporated Bodies who may pay us a commission.