According to allcitypopulation, South Korea is located in East Asia, bordered by North Korea to the north, the Sea of Japan and the East Sea to the east, and by China and Japan to the south. The terrain of South Korea is mostly mountainous with coastal plains in the west and southeast. The climate is temperate with four distinct seasons. According to Petwithsupplies, the capital city of South Korea is Seoul with a population of 10,200,000 (2012). Other major cities include Busan with a population of 3.5 million, Incheon with a population of 2.8 million, Daegu with a population of 2.5 million, Daejon with a population of 1.5 million, Gwangju with a population of 1.5 million (2012).
South Korea has a market-oriented economy which is heavily dependent on exports, particularly electronics and automobiles. It has a high-income economy with a per capita GDP of $31,791 (as of 2018). The country also ranks highly in terms of HDI (Human Development Index). South Korea is one of the most innovative countries in terms of science and technology. The country is the world’s leading producer of ships, cell phones and computers, and it is a major player in the semiconductor and automobile industry. South Korea is also one of the world’s largest importers of oil, natural gas and coal. The country has a well-developed infrastructure with high-speed internet access, modern transportation systems, and advanced telecommunications networks. The country also has a strong manufacturing and services sector, which accounts for around 70% of the country’s GDP.
Foreign Trade of South Korea
South Korea is one of the most active players in the global economy, and its foreign trade plays a major role in its economic development. South Korea is the world’s sixth largest exporter and tenth largest importer, with total exports and imports reaching $1.2 trillion and $1.1 trillion respectively in 2018. Exports account for around half of South Korea’s GDP, making it one of the most export-dependent economies in the world. The country’s main exports are electronic products, vehicles, machinery, steel, plastics and petrochemicals. Its main export partners are China (25%), United States (10%), Japan (7%) and Vietnam (5%). On the other hand, South Korea imports mainly oil, natural gas, coal, semiconductors and electronics from its main import partners such as China (27%), Japan (17%), United States (12%) and Saudi Arabia (9%).
The country has numerous free trade agreements with countries around the world including Chile, Singapore and the European Union. In addition to this, South Korea is part of numerous regional trading blocs such as ASEAN+3 which includes China, Japan and South Korea; APEC which includes 21 Pacific Rim countries; WTO which includes 164 countries; RCEP which includes 10 ASEAN countries plus China; Australia; India; Japan; New Zealand; South Korea; Taiwan. This allows it to benefit from preferential access to markets around the globe while also protecting its domestic industries from unfair competition.
Major Trading Partners of South Korea
South Korea is a major trading nation and has strong trading relationships with many countries around the world. The country’s main export partners are China, United States, Japan and Vietnam, while its main import partners are China, Japan, United States and Saudi Arabia. South Korea also has numerous free trade agreements with countries around the world including Chile, Singapore and the European Union.
China is South Korea’s largest trading partner and accounted for 25% of its exports in 2018. Major exports to China include electronic products such as semiconductors, vehicles, machinery and petrochemicals. On the other hand, South Korea imports mainly oil, natural gas and electronics from China. The two countries have a free trade agreement which was signed in 2015 which eliminates tariffs on 90% of goods traded between them.
The United States is the second largest trading partner of South Korea with 10% of its exports going there in 2018. Major exports to the US include electronic products such as semiconductors, vehicles and machinery as well as steel products. On the other hand, South Korea imports mainly oil products from the US. The two countries have a free trade agreement which was signed in 2012 which eliminates tariffs on 95% of goods traded between them.
Japan is another major trading partner of South Korea with 7% of its exports going there in 2018. Major exports to Japan include electronic products such as semiconductors and vehicles as well as steel products while imports consist mainly of oil products from Japan. The two countries have a free trade agreement which was signed in 2013 which eliminates tariffs on 95% of goods traded between them.
South Korea also has strong ties with Vietnam which accounted for 5% of its exports in 2018. Major exports to Vietnam include electronic products such as semiconductors and vehicles while imports consist mainly of oil from Vietnam. The two countries have a free trade agreement which was signed in 2015 that eliminates tariffs on 80% of goods traded between them.
Overall, it can be seen that South Korea has strong trading relationships with many countries around the world including its main partners China, United States, Japan and Vietnam. These relationships are further strengthened by numerous free trade agreements between these countries allowing for easier access to markets around the globe while protecting domestic industries from unfair competition.
Major Imports and Exports of South Korea
South Korea is one of the world’s leading exporters and its economy is heavily dependent on international trade. In 2018, the country’s exports totaled $539.1 billion, making it the world’s fifth-largest exporter. South Korea’s main exports include electronic products such as semiconductors, vehicles and machinery, petrochemicals and steel products.
Electronic products make up the largest portion of South Korea’s exports with semiconductors accounting for 24% of all exports in 2018. South Korea is a major producer of semiconductor chips and their production has been growing steadily over the past few years due to increased demand from consumer electronics companies around the world. Other electronic products exported by South Korea include vehicles, machinery and other industrial equipment.
Petrochemicals are another major export for South Korea with 19% of all exports in 2018 coming from this sector. The country is a major producer of oil refineries and petrochemical plants which supply materials for use in plastics, fertilizers and other chemicals used in various industries around the world. In addition to petrochemicals, South Korea also produces various types of steel including stainless steel, carbon steel and alloy steel which are used in construction and manufacturing worldwide.
South Korea also has a thriving automotive industry which accounts for 12% of its total exports in 2018. The country produces cars for both domestic consumption as well as export markets around the world including Europe, North America and Asia Pacific countries such as Japan, China and India. Other vehicle related exports include parts for automobiles such as engines or transmissions which are shipped to manufacturers in these countries for assembly or sale directly to consumers.
In terms of imports to South Korea, China is its largest trading partner with 21% of all imports coming from there in 2018. Major imports from China include oil, natural gas, electronics, textiles, clothing, footwear and furniture. On the other hand, imports from Japan consist mainly of oil products while those from United States consist mainly of electronics. Overall, it can be seen that South Korea has a diverse range of imports that help support its economy with goods ranging from raw materials to finished products being imported into the country each year.