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SOUTH KOREA

Global Trade Volume of South Korea

South Korea is one of the countries where PraeGlobal consulting services are active. The manufacturing industry had achieved an acceleration up to the end of the 1980s. On the other hand, Agriculture, Forestry and fishing have fallen. However, while Agriculture, Forestry and Fisheries continued to fall in Gross Domestic Product since 1988, the share of the manufacturing industry was around 39% in 2012. The economy of the country is largely dependent on international trade. In 2001, although the economies of the countries of the region had a major decline, the real GDP of South Korea grew by 3.3%. One year later, in 2002, the World Football Championship took place in the country and the growth rate of GDP was 7% with the increase in demand for Korean goods in China. This artificial growth slowed down to 3.3% in 2013. Then it was 5% in 2004, 4.4% in 2005 and 5.3% in 2006. Economic growth, which was 5.4% in 2007 and 2.3% in 2008, was realized as 0.1% in 2009 due to the global crisis. It was 6,2% in 2010, 3,6% in 2011, 2,7% in 2012 and 3.7% in 2013. Real growth rate was 3.3% in 2014 and 3.2% in 2015 and unemployment rate was 3.1% in 2015.

South Korean Economic Data

2012 2013 2014 2015 2016 2017
Population (million) 50,2 50,43 50,75 51,01 51,25 51
Per capita GDP ($) 27,811 27,105 27,539 29,115
GDP (trillion $) 1,223 1,306 1,411 1,383 1,411 1,498
Economic Growth (GDP, annual change %) 2,7 3,7 3,3 3,2 3,6
Export (billion $) 560 573 527 495 525,19
Import (billion $) 516 526 436 406 424,27
Jobless Rate 3,5 3,6 3,7 3,8
Public Debts (GDP rate, %) 35,9 37,8 38,6 38,6
Inflation Rate (consumer price index, annual change %) 1,3 0,7 1,0 1,8
Current account (GDP rate, %)

 

 

6,0

 

7,7

 

7,0

 

6,1
Balance of Foreign Trade (billion $) 44 48 90 89

Traiding Qualities

  1. Industry

    South Korea has started to produce National products since the 60s in order to be able to take part in the world economy. For this, South Korea has put the first place in industrial plans. Besides, the investments made in science and technology have increased their development in these areas. Today, when it comes to the South Korean economy, heavy industrial, automotive, electronics and semiconductors have become the world’s leading brands. Samsung is confronted as a company exporting fish, vegetables and fruits in the first years of South Korea. However, today Samsung is among the most prestigious brands in the world. Thanks to its global brands, South Korea has shown an export-oriented growth.

  2. Technology

    ….

  3. Health

  4. Telecominication

South Korea

Economy

The world’s 13th largest economy, South Korea’s GDP is 1.9 trillion dollars according to 2016 data. The per capita national income is around 37,900 dollars and the growth rate of the country is 2.8%. Exports were 511.8 billion dollars, while imports were 391.3 billion dollars. The unemployment rate of the country is around 3.7%.

South Korea’s development plan started in 1962 showed great economic growth. After the crisis in 1998 in the Far East, it showed great economic developments and continued to improve its development. South Korea’s economy is an export-oriented economy. 55% of the economy is based on exports. The South Korean government took a series of measures to get rid of the global economic crisis in 2009. These measures include economic measures such as interest reduction, tax reduction, market liquidity supply.

There are companies called “chaebol” in the country. The dominant companies are the holding companies managed by the first founder. It consists of Samsung, Hyundai, Daewoo and LG groups.

If you want to improve your business in South Korea, the 13th largest economy in the world, we are ready to provide consultancy services as PraeGlobal. To prevail over the laws of the present country and all economic facilities in the region, we will provide all kinds of support for your company and we will be with you with all consultancy services with our expert staff in the process of establishment of your company.

With PraeGlobal’s active staff, you will feel like you are at home even you are in abroad.

Contact Informations

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