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Korean Economy

Sound and Stable Korean Economy

South Korea is the country with 12th largest economy and 8th trade volume in the world.

Through decades of rapid economic growth and global integration, South Korea has become one of the countries with the soundest economy led by core business sectors such as shipbuilding, machinery and mechatronics, automobile, electronics, and steel.

The country’s stable economy supports and enables your business to operate and grow globally.

GDP

10th

USD 1.63T(2020)

Trade Volume

9th

USD 980B(2020)

Trade Balance

6th

USD 44.9B(2020)

Foreign Exchange
Reserves

9th

USD 443B(2020)

< Source :  International Monetary Fund (IMF), Kotra >

Core Business of Korea

World’s

No. 1

Shipbuilding

World’s

No. 1

Display

World’s

No. 1

Semiconductors

World’s

No. 2

Mobile Phone

World’s

No. 5

Petrochemicals

World’s

No. 6

Machinery

World’s

No. 6

Automobile

World’s

No. 6

Steel

FTA Status of Korea

FTA Status of Korea

In effect(17)

Chile, Singapore, EFTA(4), ASEAN(10), India, EU(28), Peru, USA, Turkey, Australia, Canada, China, New Zealand, Vietnam, Columbia, CentralAmerica(5), United Kingdom

Concluded(4)

RCEP(14), Israel, Indonesia CEPA, Cambodia

Under Negotiation(11)

Ecuador SECA, MERCOSUR(5), Philippines, Russia, Malaysia, Korea-ASEAN FTA, Korea-Japan-China, Korea-India CEPA (Upgrade), Korea-ChIle FTA (Upgrade), Korea-China FTA, Uzbekistan

Preparing or joint-research(2)

PA, EAEU(5)

< source : www.fta.gr.kr, ※ as of Aug, 2021 >