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|
% Partner Share
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
Rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs, fish
Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
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
South Korea Economic Statistics
Bank of Korea
South Korean Won
Currency in South Korea