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.

Exporting to South Korea? Contact our local experts

1.00 GBP
British Pound
1.00 GBP = 1457.52 KRW
=
1457.52 KRW
South Korean Won
1.00 KRW = 0.00068 GBP

Country Profile

Capital Republic of Korea ???? ???? Daehan Minguk Flag Emblem Motto:"????"(Korean) (de facto)"Benefit broadly in the human world/Devotion to the Welfare of Humanity" Anthem:Aegukga "???"(Korean) (de facto)"Patriotic Song" Government Emblem ?????? ????(Korean)Government Emblem of South Korea Area controlled by the Republic of Korea shown in green Seoul
Population 50,801,405
Area 100,210 km2
(38,690 sq mi)
Currency South Korean won (KRW)
GDP
Languages Korean

South Korea: Imports Profile

Imports from South Korea

Imports from South Korea: $542.9 billion
Import commodities:Machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics
Top import destinations:China 17.1%, Japan 10.2%, United States 8.7%, Saudi Arabia 7%, Qatar 4.9%, Germany 4.1% (2014 est.)
GDP growth (annual %)

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.

Read the TFG Exporters Guide here.

Importing from South Korea? Contact our local experts

Country Profile

Capital Republic of Korea ???? ???? Daehan Minguk Flag Emblem Motto:"????"(Korean) (de facto)"Benefit broadly in the human world/Devotion to the Welfare of Humanity" Anthem:Aegukga "???"(Korean) (de facto)"Patriotic Song" Government Emblem ?????? ????(Korean)Government Emblem of South Korea Area controlled by the Republic of Korea shown in green Seoul
Population 50,801,405
Area 100,210 km2
(38,690 sq mi)
Currency South Korean won (KRW)
GDP
Languages Korean

1.74

Econ Complexity 6th of 185
1980
2014

$583B

Exports 5th of 220
1980
2014

$508B

Imports 9th of 220
1980
2014

$33.4k

GDP Per Capita 34th of 185
1990
2014
Back to Top