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INTRODUCTION TO SOUTH KOREA

South Korea: Innovative U.S. Trading Partner

Gyeongbokkung 2The Republic of Korea (South Korea) is a market of many opportunities for experienced American companies of all sizes. In 2005, South Korea was ranked the:

  • 11th largest economy in the world,
  • 3rd largest economy in East Asia,
  • 7th largest U.S. trading partner,
  • 7th largest U.S. export market in general,
  • 6th largest market for U.S. high technology goods, and
  • 5th largest export market for U.S. agricultural products.

Korea is also ranked:

  • seventh in the world for largest source of travellers to the U.S.
  • in the top five in the world for broadband penetration rate and for cellular/mobile subscription rate.

U.S. exports of products and services to Korea in 2005 exceeded those of France, Taiwan, the Netherlands and Italy.

For more information on South Korea's economy and politics, go to the link below.

South Korea's Economy and Politics.

Snapshot of South Korea

  • National Capital: Seoul

  • Population: 48.5 million

  • Land Area: 98,480 sq km (slightly larger than Indiana)

  • GDP: USD 787.5 billion (2005)

  • Real GDP Growth: 3.9 % (2005), 4.6% (2006 forecast)

  • Korean Industries: electronics and electrical products, motor vehicles, shipbuilding, logistics, mining and manufacturing, petrochemicals, industrial machinery, textiles and footwear.

  • U.S. Exports to Korea: USD 27.7 billion (2005)

  • Total Korean Imports: USD 261.2 billion (2005)

  • U.S. Share of Korea's Imports: 11.7%

Doing Business in South Korea

South Korea is a very modern country with an excellent transportation infrastructure, modern architecture, highly advanced telecommunications network and excellent hotels. Although the country may appear to be very westernized and modern, it remains very traditional when it comes to doing business. South Koreans have a great respect for family, age and hierarchy, and such elements come into play when selling into the market...

U.S. Commercial Service Korea is the Commercial Section of the U.S. Embassy in Seoul, and is an overseas office of the U.S. Department of Commerce. U.S. Commercial Service Korea offers services to help U.S. companies sell their products and services in Korea.

Click here for more tips on doing business in Korea.

Methods for Market Entry

Market Entry Image

There are many options for entering the Korean market. For most companies just coming into the market, securing local representation is the best way to sell to consumers aside from being a good business practice. Firms bidding on government procurement projects must be registered with the South Korean Government and have a base in South Korea... "More"

NEW! ... How to protect your intellectual property. Click on "IPR Toolkit for Korea" for more information.

Best Prospects

World Cup

Best prospects for U.S. exports to Korea include:

Go to "Leading Sectors" for more information on each of the above mentioned best prospects or to our "Market Research Library" for market insights.

Events Logo on Market of the Month

• Commercial Service Korea has an active trade events program both in Korea and in the U.S.

About 125,000 qualified foreign buyers, sales representatives, and business partners are recruited by the U.S. Commercial Service around the world to "International Buyer Program (IBP)" trade shows in the U.S. each year. This is an excellent opportunity to exhibit your firm to buyers worldwide and to expand your business globally.

The U.S. Commercial Service in Korea recruits buyers to "International Buyer Program (IBP)" trade shows in the states every year. For additional information on U.S. Commercial Service Korea events and trade shows, visit "Events".

Useful Contacts

Go to this link for a list of Korean Government Organizations and Commercial Service Korea Partner Agencies that can provide assistance in the Korean market.

To Contact Us

John Fogarasi
Senior Commercial Officer
U.S. Commercial Service Korea
American Embassy
32 Sejongno Jongnogu
Seoul 110-710
Email: seoul.office.box@N0SPAM.mail.doc.gov
Tel: 82-2-397-4535
Fax: 82-2-739-1628
Website: http://www.buyusa.gov/korea