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).

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 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?

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.

Information

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)

South-Korea Country Profile

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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