Exporting to Korea - Market OverviewKorea - Market Overview
The US$1.97 trillion Korean GDP ranks 11th in the world and third in the East Asia region. As Korea’s traditional strengths in sectors such as shipbuilding, steel, and petrochemicals have declined somewhat in recent years, the country’s leaders are looking to move toward more technology-intensive industries. U.S. companies will find market opportunities in leading industries such as life sciences, healthcare (medical devices, pharmaceuticals, and biotechnology), industrial chemicals, IT components, semiconductor manufacturing equipment, aerospace/defense, energy, environmental technology, and transportation, to name only a few. U.S. companies are already partnering with local Korean companies and industries to expand market opportunities from Korea to third-country markets, including ASEAN, the Middle East, and other markets of the Asia-Pacific. Korea remains one of the world’s most trade dependent nations, with trade equaling 90 percent of GDP. Given Korea’s strong shipping and air cargo infrastructure, this is not only a market end-point for U.S. goods and services, but also a hub for expansion into other markets.
PROFILE
- Population in March 2018 (Millions): 51.6
- Capital: Seoul
- Government: Republic
ECONOMY | 2015 | 2016 | 2017 |
Nominal GDP (PPP - Billions US$) | 1,796 | 1,877 | 1,969 |
GDP per head (Current US$) | 27,402.0 | 27,733.0 | 29,200 |
Real GDP Growth Rate (% change) | 2.8 | 2.9 | 3.1 |
Real GDP Growth Rate Per Capita (% change) | 2.4 | 2.5 | 2.7 |
Consumer Prices (% change) | 0.7 | 1.0 | 1.9 |
Unemployment (% of labor force) | 3.6 | 3.7 | 3.7 |
TRADE
FOREIGN MERCHANDISE TRADE (US$ Millions) | 2015 | 2016 | 2017 |
Korea, Republic of, Exports to World | 526,757 | 495,426 | 573,694 |
Korea, Republic of, Imports from World | 436,499 | 406,193 | 478,478 |
U.S. Exports to Korea, Republic of | 43,446 | 42,266 | 48,326 |
U.S. Imports from Korea, Republic of | 71,827 | 69,932 | 71,444 |
U.S. Trade Balance with Korea, Republic of | -28,313 | -27,666 | -23118 |
Position in U.S. Trade: | |||
Rank of Korea, Republic of, in U.S. Exports | 7 | 7 | 7 |
Rank of Korea, Republic of, in U.S. Imports | 6 | 6 | 6 |
Korea, Republic of, Share (%) of U.S. Exports | 2.9 | 2.9 | 3.1 |
Korea, Republic of, Share (%) of U.S. Imports | 3.2 | 3.2 | 3.0 |
Principal U.S. Exports to Korea, Republic of, in 2017: | Principal U.S. Imports from Korea, Republic of, in 2017: |
1. Machinery, excl. Electrical (16.8%) | 1. Transportation Equipment (31.9%) |
2. Computer & Electronic Products (15.6%) | 2. Computer & Electronic Products (22.3%) |
3. Chemicals (13.4%) | 3. Machinery, excl. Electrical (8.8) |
4. Transportation Equipment (12.4%) | 4. Chemicals (6.5%) |
5. Food Manufactures (7.8%) | 5. Electrical Equipment (6.5%) |
- World Bank Ease of Doing Business Ranking 2017: 4 of 190
- Heritage/WSJ 2018 Index of Economic Freedom Ranking: 27 of 180
- WEF World Competitiveness Ranking 2016 - 2017: 26 of 138
South Korea Trade Development and Promotion