Republic of Korea
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 1,116 bn Goods Exports 553
GDP per capita (USD) 23,068 Imports 522
GDP volume growth (year-on-year) + 3.6% Net + 31
Population 48.39m Services Exports 95
MMR (year average) 3.09% Imports 99
Exchange rate KRW / USD (year average) 1,108.3 Net – 4
BoP (goods, services & income) as % of GDP + 2.6% Source: IFS, IMF, January 2013International/regional memberships
Asia-Pacific Economic Cooperation
(APEC): since 6–7 November 1989.
International Monetary Fund (IMF):
since 26 August 1955.
World Trade Organization (WTO):
since 1 January 1995.Government trade policy
The South Korean government has pursued
a policy of trade liberalisation, removing most
barriers to international trade. However, trade
with North Korea is still subject to approval
from the South Korea Ministry of Unification. All trade between South Korea and member
states of ASEAN (the Association of
Southeast Asian Nations) is now free.
South Korea has established a number of
other bilateral trade agreements and agreed,
in principle, to trade agreements with the
European Union and India.
National export credit insurance provider:
Korea Trade Insurance Corporation (K-sure
— http://www.keic.or.kr).
The Export-Import Bank of Korea (Korea
Eximbank — http://www.koreaexim.go.kr/en/)
operates South Korea’s state-supported
export credit programme.Currency and exchange controls
Official currency: Korean won (KRW).
Exchange rate arrangement: free floating.
South Korea has liberalised many of its foreign
exchange controls since 1997, although various
controls still apply.
Cash imports and exports by residents and
non-residents over USD 10,000 must be
reported to the South Korean customs office.
Bank of Korea approval (www.bok.or.kr) is
required for all individuals’ domestic and
foreign currency transfers abroad exceeding
USD 50,000 or equivalent. The proceeds from capital and invisible
transactions over the equivalent of
USD 500,000 must be repatriated to South
Korea within one and a half years or be held
overseas for foreign transactions.
With the exception of trade credits, all
financial and commercial credits to residents
from non-residents over USD 30 million must
be notified to the Ministry of Strategy and
Finance (MOSF — http://www.english.mosf.go.kr).Bank accounts
Resident companies can hold local currency
(KRW) bank accounts outside South Korea. Resident companies can hold foreign
currency bank accounts both within and
outside South Korea.