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.

South Korea is the 5th largest exporter in the world, and the 10th largest economy in the world (in terms of GDP). The main South Korean exports include integrated circuits, refined petroleum, cars, and passenger and cargo ships. Top export destinations for South Korea are China, the US, Japan, and Singapore.

South Korea Country Profile

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

South Korea Exports Profile

Exports ($m USD)

573,627

Number of Export Products

4,284

Number of Export Partners

223

Top 5 export partners

Country

Trade

% Partner Share

China

142,119

24.78

United States

68,852

12.00

Vietnam

47,754

8.32

Hong Kong, China

39,059

6.81

Japan

26,814

4.67

Top 5 Export Products at HS 6 digit level

Export Product

Number

Monolithic integrated circuits, digital

15.0%

Petroleum oils, etc, (excl. crude); preparation

6.8%

Natural gas, liquefied

5.8%

Automobiles with reciprocating piston engine di

4.2%

Parts and accessories of automatic data process

3.4%

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

%

Service List

59.2%

Importing from South Korea What is trade finance?

Trade finance is a revolving facility in which lenders offer financing options – it enables businesses to purchase products and can help ease the pressure from working capital issues.

Generally, an export finance bank will fund up to 100% of the cost of the products, including charges (e.g. insurance costs).

Trade finance offers upsides over more traditional bank financing, for example bridging mortgages or loans. Trade finance provides quick funding without affecting existing bank relationships.

How does it work?

If you’re a business importing or exporting goods around the world, then a trade finance facility would assist your company through offering a letter of credit (LC) 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’re looking to import inventory from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A non-bank lender will act as the intermediary, paying the foreign exporter on your behalf until you get the products and have then sold them to your buyer. Repaying the financier then occurs over an agreed period of time.

Information

Importing from South Korea? Contact our local experts

South-Korea Country Profile

Government Website

https://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

1%

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

About the Author

Brian Canup is the Business Development Executive at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy from King’s College London.

Back to Top