Imports/Exports in South Korea
South Korea is the world's 15th trading nation, trade represents about 100% of the country's GDP. The trade balance of the country is on a high surplus and should remain so in the coming years. Despite the effects of the financial crisis, which have greatly reduced this surplus, the weakness of the won (Korean currency) encourages exports.
The main trade partners of the country are China, Japan, the European Union and the United States.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||309,383||356,846||435,275||323,085||425,212|
|Exports of Goods (million USD)||325,465||371,489||422,007||363,534||466,384|
|Imports of Services (million USD)||69,346||83,954||95,433||79,525||92,978|
|Exports of Services (million USD)||55,333||71,375||89,428||72,466||81,570|
|Imports of Goods and Services (Annual % Change)||11.3||11.7||4.4||-8.2||-|
|Exports of Goods and Services (Annual % Change)||11.4||12.6||6.6||-0.8||-|
|Imports of Goods and Services (in % of GDP)||38.3||40.4||54.2||46.0||-|
|Exports of Goods and Services (in % of GDP)||39.7||41.9||53.0||49.9||-|
|Trade Balance (million USD)||27,905||28,168||5,669||56,128||-|
|Trade Balance (Including Service) (million USD)||8,945||8,400||-10,740||-||-|
|Foreign Trade (in % of GDP)||78.0||82.3||107.2||95.9||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|United Arab Emirates||1.4%|
|Other partnersClose extended list||50.6%|
(% of Imports)
|United Arab Emirates||2.9%|
|Other partnersClose extended list||48.2%|
Exchange Rate System
- Exchange Rate Regime
- Independently floating.
- Level of Currency Instability
|South Korean Won (KRW) - Average Annual Exchange Rate For 1 USD||1,024.12||954.79||929.26||1,102.05||1,276.87|
Source: World Bank
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