![loading-for-shipping](/content/onemarketing/aztrade/allianz-trade_com/en_HK/resources/country-reports-old/south-korea/_jcr_content/root/parsys/stage/stageimage.img.82.3360.jpeg/1646982794362/loading-for-shipping-hero.jpeg)
SOUTH KOREA
Efficient policies support the (mild) recovery
LOW RISK for enterprise
-
Economic risk
-
Business environment risk
-
Political risk
-
Commercial risk
-
Financing risk
-
Economic risk
-
Business environment risk
-
Political risk
-
Commercial risk
-
Financing risk
Swipe to view more
GDP | USD1642.383bn (World ranking 12, World Bank 2019) |
Population | 51.7mn (World ranking 28, World Bank 2019) |
Form of state | Democratic Republic |
Head of government | Moon Jae-in (President) |
Next elections | 2022, presidential |
![](/content/dam/onemarketing/ehndbx/eulerhermes_com/en_gl/erd/icon/plus.png)
- Advanced economy with high per capita income
- Sound financial sector
- Solid external position (low external debt, ample foreign exchange reserves, etc.)
- Strong business environment
- Firmly established democracy
![](/content/dam/onemarketing/ehndbx/eulerhermes_com/en_gl/erd/icon/minus.png)
- Geopolitical risk stemming from North Korea
- Economic vulnerabilities due to dependency on external demand
- Slowly improving but still weak corporate governance
- Aging population
Trade structure by destination/origin
(% of total)
Exports | Rank | Imports |
---|---|---|
China
25%
![]() |
1 |
![]() |
United States
13%
![]() |
2 |
![]() |
Hong Kong
7%
![]() |
3 |
![]() |
Vietnam
7%
![]() |
4 |
![]() |
Japan
5%
![]() |
5 |
![]() |
Trade structure by product
(% of total)
Exports | Rank | Imports |
---|---|---|
Electrical machinery, apparatus and appliances, n.e.s.
19%
|
1 |
14%
Petroleum, petroleum products and related materials
|
Road vehicles
13%
|
2 |
13%
Electrical machinery, apparatus and appliances, n.e.s.
|
Telecommunication and sound recording apparatus
7%
|
3 |
4%
Telecommunication and sound recording apparatus
|
Other transport equipment
7%
|
4 |
4%
Specialised machinery
|
Petroleum, petroleum products and related materials
5%
|
5 |
4%
Metalliferous ores and metal scrap
|
LATEST NEWS ABOUT SOUTH KOREA
-
Global trade: Battling out of demand and price shocks
The invasion of Ukraine and renewed Covid-19 outbreaks in China are hitting global trade with a double whammy in 2022: lower volumes and higher prices.
Economic Outlook: Energy, trade and financial shockwaves
The Russian invasion of Ukraine has brought back significant headwinds to the global economic recovery and raised wider geopolitical risks.
Can 5G reignite the smartphone industry?
By 2025, longer replacement cycles in North America and Europe could result in a -11% decline in local shipments, wiping out USD16bn of sales yearly.
Contacts
Read our latest reports
-
Americas
-
Europe
-
Asia Pacific
-
Middle East