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South Korea
| Economy Overview |
| Since the early 1960s, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Four decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, it joined the trillion dollar club of world economies. Today its GDP per capita is 14 times North Korea's and equal to the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged to a negative 6.9% in 1998, then strongly recovered to 9.5% in 1999 and 8.5% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 7.0%, despite anemic global growth. Economic growth fell to 3.1% in 2003 because of a downturn in consumer spending and recovered to an estimated 4.6% in 2004 on the strength of rapid export growth. The government plans to boost infrastructure spending in 2005. Moderate inflation, low unemployment, an export surplus, and fairly equal distribution of income characterize this solid economy. |
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| Economy Statistics |
| Exports: |
$250.6 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
China 19.7%, US 17%, Japan 8.6%, Hong Kong 7.2% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$214.2 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Japan 20.6%, China 13.2%, US 12.9%, Saudi Arabia 5.3% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Korean Chamber of Commerce and Industry |
| Address: |
PO Box 25, 45 4-ka, Namdaemun-no, Chung-ku, Seoul |
| Phone: |
(2) 316 3114 |
| Fax: |
(2) 757 9475 |
| Website: |
http://www.korcham.net/ |
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