While exporting of commercial goods, the customs authorities of both the countries are involved in a legal agreement of import and export. The economy of South Korea is considered as the third largest and developed in Asia. This country has developed as one of the largest and richest countries of the world in a very short span of time. Dealing in heavy industries and automotive industries, with the help of government South Korea has established itself as the 3rd largest steel producer in the world. Multinational Korean companies of ship building such as Hyundai Heavy Industries and Samsung heavy Industries makes the global leader that has been dominating the market for long. Not only these, the car manufacturing industry is also flourishing fast. One of the brands that have carved a good name for itself in the global market includes the Hyundai Kia Automotive group. With help of these various brand names, the South Korean nation is accepted as the 5th largest car manufacturing nation. Scroll down to get an overview of the financial role played by export in South Korea.
Statistics
GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006);
GDP (Nominal) $897.4 billion (2006 est.)
GDP (PPP) $1.18 trillion (2006 est.)
GDP growth 5.1% (2006 est.)
GDP per capita $25,000+ (2007)
GDP by sector agriculture (3.3%), industry (40.3%), services (56.3%) (2005 est.)
Inflation 2.2% (2006 est.)
Main industries electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing
Trading Partners
Exports $288.2 billion (2005)
Main Export Partners China 21.8%, U.S. 14.6%, Japan 7.8%, Hong Kong 4.2% (2005)
Imports $256 billion (2005)
Main Import Partners Japan 18.5%, China 14.8%, U.S. 11.8%, Saudi Arabia 6.2% (2004)
Public finances
Public debt 20% of GDP (2005)
External debt $153.9 billion (2005)
Foreign credit $308.7 billion (2005)
Reserves of foreign exchange $210.4 billion (2005)
Revenues $195 billion (2005)
Expenses $189 billion (2005)
Economic aid ODA, $745 million (2005)
Enjoying a mass growth in various modern sectors, South Korea now launches its IT projects. Export in South Korea is increasing rapidly as the demand of South Korean semiconductors, telecommunication goods are mounting worldwide. The popular trading partners of South Korea includes United States (21.8 percent), the European Union (14.0 percent), Japan (12 percent), China (10.7 percent) and Hong Kong (6.2 percent) and these nations form the main destinations for South Korea's goods. According to the survey of year 2000, the destinations and value of export in South Korea are as follows:
| Country | Value in U.S. | Dollars Share |
|---|
| United States | 37611 | 21.83 |
| European Community | 24424 | 13.6 |
| Japan | 20466 | 11.88 |
| China | 18455 | 10.71 |
| Hong Kong | 10708 | 6.22 |
| Other | 172268 | 44.7 |
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