Exporting to South-Korea

South-Korea Export Guide | Trade Finance Global

Exporting to South-Korea

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)Taehan-min'guk
CapitalSeoul
Population50,924,172
CurrencySouth Korean Won
GDP$1,411 billion
LanguagesKorean
Telephone Dial In82

South-Korea Imports Profile

Imports ($m USD)

478,469

Number of Import Products

4,487

Number of Import Partners

226

Top 5 import partners

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

Top 5 Import Products at HS 6 digit level

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%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for South Korea

Agriculture

%

Product List

2.2%

Rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs, fish

Industry

%

Product List

38.6%

Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

Services

%

Services List

59.2%

Exporting to South Korea: What is trade finance?


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

First Name*

Last Name*

Your Organisation*

How much trade finance are you seeking?*

Your Email*

Telephone Number*

Briefly, what type of stock or trade are you looking to finance?

(Marketing Terms can be found here)

South-Korea Economic Statistics

Government Website

http://korea.assembly.go.kr/

Sovereign Ratings

https://countryeconomy.com/ratings/south-korea

Central Bank

Bank of Korea

Currency USD Exchange Rate

1,167

Unemployment Rate

3.7%

Population below poverty line

12.5%

Inflation Rate

0,01

Prime Lending Rate

1.25%

GDP

$1,411 billion

GDP Pro Capita (PPP)

$37,900

Currency Name

South Korean Won

Currency Code

KRW

World Bank Classification

High Income

Competitive Industrial Performance

26/138

Corruption Perceptions Index

51/180

Ease of Doing Business

5/190

Enabling Trade Index

27/136

Currency in South korea

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