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Export Market

South Korea

ISO: KR / KOR

Country Profile

Capital Seoul
Population 51.2M
GDP $1.88T (2024)
GDP per Capita $36,239
Income Level High Income
Currency South Korean won (KRW â‚©)
Language Korean
Timezone UTC+09:00
Region Asia · Eastern Asia

Trade Partners

South Korea Exports To

  • China 25.0%
  • USA 18.0%
  • Hong Kong 4.0%
  • Japan 4.0%
  • Taiwan 4.0%

Key exports: integrated circuits, cars, refined petroleum, plastics, machine parts (2023)

South Korea Imports From

  • China 31.0%
  • USA 13.0%
  • Japan 9.0%
  • Germany 5.0%
  • Australia 4.0%

Key imports: integrated circuits, natural gas, crude petroleum, machinery, cars (2023)

Economic Overview

high-income, export- and technology-oriented East Asian economy; manufacturing led by semiconductor and automotive industries; slow growth amid declining construction investment, export risks, and recent political instability; aging workforce; increased restraint in fiscal policy while maintaining industry support initiatives

Government: presidential republic

UK Trade Status

FTA in Force

The UK has a free trade agreement with South Korea, providing preferential market access for UK exporters.

Trade Barriers

8 active barriers affecting UK exporters

Restrictions on live brown crab exports from the UK to Korea

UK suppliers are unable to respond to the demand for live brown crab (cancer pagurus) in South Korea, as the necessary agreements are not in place to permit the import of this species.

Sectors: Agriculture, horticulture, fisheries and pets

Reported: 15 Jan 2020

Overseas financial technology (fintech) firms are excluded from sandbox schemes in South Korea

The South Korean Financial Regulatory Institution has enacted a special act to support financial market innovation and grants a regulatory waiver through a regulatory sandbox programme for fintech operators. However, according to the act, the right to apply for the …

Sectors: Financial and professional services

Reported: 20 Dec 2019

Requirements for chemicals exported to South Korea

The South Korean Ministry of Environment has revised the ‘Act on registration, Evaluation of Chemicals,’ effective from 1 January 2019. According to the new act, companies importing car protection products must report all chemical components of those products to the …

Sectors: Chemicals

Reported: 7 Jun 2019

Stringent licence requirements for overseas financial services and remittance businesses in South Korea

In order to be granted a business licence, a foreign financial firm looking to provide remittance services must meet various requirements, including: - KRW 1BN regulatory capital/collateral - 5 members of staff - servers and data processing based in South …

Sectors: Financial and professional services

Reported: 22 May 2019

Stringent alcohol labelling requirements in South Korea affecting UK exporters

The South Korean Ministry of Health requires warning labels on containers of imported UK alcoholic drinks. The legislation came into effect in 2016, with a year given to sell old stock. This created extra costs for exporters who had relatively …

Sectors: Food and drink

Reported: 19 Oct 2018

View all 8 barriers on GOV.UK →

Geographic Region

Asia Pacific

Trading Bloc Memberships

South Korea is a member of the following trade agreements and economic blocs.

RCEP Regional Comprehensive Economic Partnership Trade Agreement

Export Guidance

Relevant guidance for exporting to South Korea.

Start Your Export Journey

Export to the EU after Brexit Start exporting from the UK Manage your export compliance

Also in This Region

🇦🇺 Australia FTA 🇧🇳 Brunei 🇰🇭 Cambodia 🇫🇯 Fiji FTA 🇮🇩 Indonesia 🇯🇵 Japan FTA 🇱🇦 Laos 🇲🇾 Malaysia

Official Resources

Government export support for South Korea.

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