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).
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 |
573,627
4,284
223
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
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%
%
Product List
2.2%
Rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs, fish
%
Product List
38.6%
Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
%
Service List
59.2%
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.
https://korea.assembly. go.kr/
https://countryeconomy .com/ratings/south-korea
Bank of Korea
1,167
3.7%
12.5%
0,01
1.25%
$1,411 billion
$37,900
South Korean Won
KRW
High Income
26/138
51/180
5/190
27/136