Importing from South Korea

South Korea Import Guide | Trade Finance Global

Importing from South Korea

South Korea has an export oriented economy and much of their growth has been achieved through the production of manufactured products. They are the first ever historical recipient of aid from the OECD to become a major donor themselves to the program, a goal they reached in 2009.

Top South Korean exports include integrated circuits ($56.1 billion), refined petroleum ($47.9 billion), cars ($43.5 billion) and passenger and cargo ships ($22.5 billion). Top export destinations for South Korea are China ($142 billion), the United States ($64.1 billion), Japan ($34.6 billion) and Singapore ($24.8 billion).

Importing from 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)

1.00 GBP
British Pound
1.00 GBP = KRW
=
KRW
South Korean Won
1.00 KRW = INF GBP

Country Profile

CapitalRepublic of Korea????/????Daehan Minguk Flag Emblem Motto:"???? (????)" (de facto)"Benefit broadly in the human world /Devotion to the Welfare of Humanity"Anthem:Aegukga "??? (???)" (de facto)"Patriotic Song"Government Emblem?????? ????Government Emblem of the Republic of KoreaSeoul
Population51,446,201
Area100,363 km2
(38,750 sq mi) (107th)
CurrencySouth Korean won (KRW)
GDP
LanguagesKorean, Korean Sign

1.80

Econ Complexity 4th of 214
1980
2016

$515B

Exports 5th of 221
1980
2016

$398B

Imports 9th of 221
1980
2016

$36.5k

GDP Per Capita 33rd of 214
1990
2016

South Korea: Exports Profile

Exports from South Korea

Exports from South Korea:$577.4 billion
Export commodities:Semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals
Top export destinations:China 25.1%, United States 12.2%, Vietnam 8.2%, Hong Kong 6.9%, Japan 4.7% (2017 est.)
GDP growth (annual %)

Importing from South Korea: What is trade finance?

Export finance is a revolving facility which some banks and specialist lenders offer - it enables firms to buy inventory and can help ease cash flow issues.

Often, a trade financier will fund all of the cost of the product, including charges (e.g. VAT charges).

Trade finance offers advantages over more traditional bank finance such as asset finance or business loans. Trade finance provides quick funding without affecting existing bank relationships.

How does it work?

If you're a company importing or exporting inventory from or to other countries, then a trade finance facility would allow you to fund this through offering a letter of credit or some form of cash advance.

I’m looking to import from South Korea, how can Trade Finance Global help, and how does it work?

If you are looking to import stock from other markets, you may need import finance, which is an agreement between yourself (the importer) and the foreign exporter. A alternative finance bank will act as the intermediary, paying the foreign exporter on your behalf until you get the inventory and have then sold them to your end debtor. Repaying the financier then occurs over an agreed period of time.

Read the TFG Importers Guide here.

Importing from 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)

Country Profile

CapitalRepublic of Korea????/????Daehan Minguk Flag Emblem Motto:"???? (????)" (de facto)"Benefit broadly in the human world /Devotion to the Welfare of Humanity"Anthem:Aegukga "??? (???)" (de facto)"Patriotic Song"Government Emblem?????? ????Government Emblem of the Republic of KoreaSeoul
Population51,446,201
Area100,363 km2
(38,750 sq mi) (107th)
CurrencySouth Korean won (KRW)
GDP
LanguagesKorean, Korean Sign

1.80

Econ Complexity 4th of 214
1980
2016

$515B

Exports 5th of 221
1980
2016

$398B

Imports 9th of 221
1980
2016

$36.5k

GDP Per Capita 33rd of 214
1990
2016
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