The Treasurer’s Guide to Trade Finance

Republic of Korea

ƒ Non-resident companies can hold three
types of local currency bank accounts within
South Korea: local currency accounts for
domestic settlement, free won accounts for

international settlement, and exclusive local

currency accounts for investment.

ƒ Non-resident companies can hold foreign

currency bank accounts in South Korea.

South Korea imports exports

Trade information

Key trading partners

Imports by origin

China 16.5%

Japan 13.0%

EU 9.0%

USA 8.5%

Saudi Arabia 7.1%

Other 45.9%

Source: WTO, September 2012

Exports by destination

China 24.2%

USA 10.2%

EU 10.1%

Japan 7.1%

Hong Kong 5.6%

Other 42.8%

Principal exports

Semiconductors, wireless telecommunications
equipment, motor vehicles, computers, steel,
ships and petrochemicals.

Documentation

Imports

ƒ Bill of lading, customs import declaration and
delivery order.

Exports

ƒ Packing list, bill of lading and a customs
export declaration.

Licences

Imports

ƒ Rice.

ƒ The Korea Trade Commission can recom-
mend quotas for imports that it considers
unfair under international trade practice.

Exports

ƒ Most items for export do not require a
licence.

Tariffs/Taxes

Imports

ƒ There are 15 products with adjustment tarrifs.

ƒ Anti-dumping duties are applied on 13

products.

Exports

ƒ None.

Financing requirements for imports/

exports

ƒ None.

Prohibited items

Imports

ƒ Items restricted for reasons of national

security, economic protection, for moral

reasons or to protect the safety of plants and

animals.

Exports

ƒ Items restricted for reasons of national

security, economic protection, for moral

reasons or to protect the safety of plants

and animals.

ƒ Export bans are in place for environmental

reasons on 11 items.