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.
Official Name (Local Language) | Taehan-min'guk | Capital | Seoul | Population | 50,924,172 | Currency | South Korean Won | GDP | $1,411 billion | Languages | Korean | Telephone Dial In | 82 |
478,469
4,487
226
Country
Trade
% Partner Share
China
97,859
20.45
Japan
55,124
11.52
United States
50,908
10.64
Germany
19,748
4.13
Export Product
Number
Petroleum oils and oils obtained from bituminou
12.5%
Monolithic integrated circuits, digital
7.0%
Natural gas, liquefied
3.9%
Petroleum oils, etc, (excl. crude); preparation
3.1%
Apparatus and equipment for photographic (incl
3.1%
%
Product List
2.2%
Rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs, fish
%
Product List
38.6%
Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
%
Services List
59.2%
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.
Information
Exporting to South Korea? Contact our local experts
South Korea Economic Statistics
https://korea.assembly.go.kr/
https://countryeconomy.com/ratings/south-korea
Bank of Korea
1,167
3.7%
12.5%
1%
1.25%
$1,411 billion
$37,900
South Korean Won
KRW
High Income
26/138
51/180
5/190
27/136
Currency in South Korea