August 9, 2023

The Changing Face of South Korea’s Business Sector Amid Global Competition

South Korea’s economic transformation is a familiar story, but it has also produced misperceptions. Large, often family-run, corporations known as chaebols were crucial to catapulting the country’s economy ahead, especially the restructurings, R&D, and fierce competition following the 1997 Asian financial crisis. But since then, South Korea’s economy has continued to evolve in important ways that sometimes go unrecognized. Battle-tested…

business 0 11 min read
January 30, 2023

Latest Trends in Trade Sector of Korea

OVERVIEW In November 2022 South Korea exported $52B and imported $59B, resulting in a negative trade balance of $7.03B. Between November 2021 and November 2022 the exports of South Korea have decreased by $-8.35B (-13.9%) from $60.3B to $52B, while imports increased by $1.64B (2.86%) from $57.3B to $59B. TRADEIn November 2022, the top exports of South Korea were Electrical…

business 0 1 min read
January 30, 2023

Korea’s Market Trade Overview

OVERVIEW In 2020, South Korea was the number 10 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 9 in total imports, the number 37 economy in terms of GDP per capita (current US$) and the number 5 most complex economy according to the Economic Complexity Index (ECI). EXPORTS The top…

business 0 1 min read
January 30, 2023

Korea’s Free Trade Agreements with Rest of The World

Korea – Trade Agreements Describes bilateral and multilateral trade agreements that this country is party to, including with the United States. Includes websites and other resources where U.S. companies can get more information on how to take advantage of these agreements. The Republic of Korea and the United States implemented the Korea-U.S. Free Trade Agreement on March 15, 2012.  The…

business 0 1 min read