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South Korea
Economic structure to remain sound despite rising global headwinds
A1
LOW RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in January 2024.
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GDP | USD 1665bn (World ranking 13, World Bank 2022) |
Population | 51.6mn (World ranking 29, World Bank 2022) |
Form of state | Presidential Republic |
Head of government | Yoon Suk-Yeol (President) |
Next elections | April 2024, legislative |
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- 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
- Elevated household debt
- Slowly improving but still weak corporate governance
- Aging population
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
China
22.8%
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1 |
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United States
16.1%
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2 |
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Vietnam
8.9%
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3 |
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Japan
4.5%
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4 |
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China, Hong Kong SAR
4.0%
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5 |
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Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Electrical machinery, apparatus and appliances, n.e.s.
21%
|
1 |
18%
Petroleum, petroleum products and related materials
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Petroleum, petroleum products and related materials
10.6%
|
2 |
12.1%
Electrical machinery, apparatus and appliances, n.e.s.
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Road vehicles
10.5%
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3 |
11.2%
Gas, natural and manufactured
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Office machines and automatic data processing machines
5.9%
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4 |
4.0%
Metalliferous ores and metal scrap
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Organic chemicals
5.6%
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5 |
3.9%
Coal, coke and briquettes
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