Korea, Republic of

Asia & Middle East
Korea, Republic of world map

Trade in Korea, Republic of

The Republic of Korea was the world’s 6th largest exporter of goods and 16th largest exporter of commercial services in 2022. Export values were $683.59 billion and $133.02 billion USD respectively. The Republic of Korea’s top export category was Manufactures, followed by Machinery and transport equipment, and Office and telecom equipment. In 2022, The Republic of Korea’s main export destination markets for goods and services trade were to China, United States and Viet Nam, with trade representing 96.54 per cent of GDP. In terms of imports, The Republic of Korea is the world’s 8th largest importer of goods and 14th largest importer of commercial services. Import values were $731.37 billion and $136.03 billion USD respectively in 2022. The Republic of Korea’s top import category was Manufactures, followed by Fuels and mining products and Machinery and transport equipment. Leading import partners were China, United States and Japan. The Republic of Korea is part of 23 different Regional Trade Agreements, including ASEAN – Korea, Republic of and Asia Pacific Trade Agreement (APTA).
Regional Trade Agreements Database

General Information

This section includes general information on the economy, legal system, official languages and links to additional demographic information.

Official Name

Republic of Korea

Abbreviation

KR

Capital

Seoul

WTO Membership Date

1 January 1995

Legal System

mixed legal system combining European civil law, Anglo-American law, and Chinese classical thought

Language

Korean

Number of Time Zone(s)

1

Additional Information

Financial Information

This section includes financial information such as the currency, exchange rate lookup and local banks issuing trade finance.

Currency

South Korean won

Exchange Rate

 Google Finance Currencies

GTFP Confirming Banks

Through the IFC's Global Trade Finance Program (GTFP) bank network, local financial institutions can establish working partnerships with a vast number of major international banks in the Program that can broaden access to finance and reduce cash collateral requirements. This extends and complements the capacity of banks to deliver trade finance by providing risk mitigation on a per-transaction basis in challenging markets where trade lines may be limited.

  • ABN AMRO Bank NV Seoul - Seoul, Korea - SWIFT: ABNAKRSE

  • Agricultural Bank of China Seoul Branch - Seoul, Korea - SWIFT: ABOCKRSE

  • Australia and New Zealand Banking Group Limited Seoul - Seoul, Korea - SWIFT: ANZBKRSXXXX

  • Bank of America NA Seoul - Seoul, Korea - SWIFT: BOFAKR2X

  • Bank of China Ansan - Ansan, Korea - SWIFT: BKCHKRSEANS

  • Bank of China Daegu - Daegu, Korea - SWIFT: BKCHKRSEDAE

  • Bank of China Seoul - Seoul, Korea - SWIFT: BKCHKRSE

  • BNP Paribas Seoul - Seoul, Korea - SWIFT: BNPAKRSE

  • China Construction Bank Corp Seoul - Seoul, Korea - SWIFT: PCBCKRSE

  • Citibank Korea Inc - Seoul, Korea - SWIFT: CITIKRSX

  • Deutsche Bank AG Seoul - Seoul, Korea - SWIFT: DEUTKRSE

  • ICBC Seoul - Seoul, Korea - SWIFT: ICBKKRSE

  • Korea Development Bank (KDB)- Seoul, Korea - SWIFT: KODBKRSE

  • KEB Hana Bank (Prev. Korea Exchange Bank (KEB) - Seoul, Korea - SWIFT: HNBNKRSE

  • Landesbank Baden-Wurttemberg Seoul - Seoul, Korea - SWIFT: SOLAKRSE

  • -PT Bank Negara Indonesia (Persero) Tbk. - Seoul, Korea - SWIFT: BNINKRSE

  • Shinhan Bank - Seoul, Korea - SWIFT: SHBKKRSE

  • Sumitomo Mitsui Banking Corporation Seoul - Seoul, Korea - SWIFT: SMBCKRSE

  • The Bank of New York Mellon Seoul - Seoul, Korea - SWIFT: IRVTKRSX

  • UBAF Seoul - Seoul, Korea - SWIFT: UBAFKRSX

  • Credit Agricole CIB - Seoul, South Korea - SWIFT: CRLYKRSE

Contact Information

This section includes contact information for business support organizations and national resources.

Business Support Organizations

  • Korea Trade-Investment Promotion Agency

    Trade promotion organization (TPO)

    [email protected]

Government MSME Agency

  • BuyKOREA

  • Corporate Investment Support Program

    -

  • Korea Technology Finance Corporation (KOTEC)

    -

  • Ministry of SMEs and Startups (MSS)

  • Mutual Growth Fund

    -

  • Small and Medium Business Administration (SMBA)

  • Regulatory Reform Committee (RRC)

    -

  • Self-origin management solution programme

    -

  • Trade Sure Consulting Center

    -

  • Export-Import Bank of Korea (EXIM Bank)

  • Financial Services Commission (FSC)

  • Industrial Bank of Koreal (IBK)

    -

  • Korea Commission for Corporate Partnership (KCCP)

    -

  • Korea Credit Guarantee Fund (KODIT)

  • Korea Customs Service

  • Korea Development Bank (KDB)

  • Korea Fair Trade Commission (KFTC)

  • Korea On-Line E-Procurement System (KONEPS)

  • Korea Trade and Investment Promotion Agency (KOTRA)

  • Korea Trade Insurance Corporation (K-SURE, previously KEIC)

  • National IT Industry Promotion Agency (NIPA)

  • Presidential Council on Intellectual Property (PCIP)

  • Public Procurement Service (PPS)

  • SMEs Ombudsman

Copyright Offices

  • The Copyright Bureau of the Ministry of Culture, Sports and Tourism of the Republic of Korea

Industrial Property Offices

  • Invention Office of the Democratic People's Republic of Korea Directorate of Industrial Property

  • Secretariat for industry and small and medium enterprises (IPMEA)

  • Ministry of Industry and SMEs

SPS Enquiry Points

Sanitary and phytosanitary (SPS) enquiry points are government agencies designated to answer questions about trade requirements.

  • Animal and plant health including import quarantine measures for animal, livestock products and plants:


    Quarantine Policy Division


    Ministry of Agriculture, Food and Rural Affairs (MAFRA)


    Phone: +(8244) 201 2080/2081


    Website: http://www.mafra.go.kr

    94, Dasom 2-ro

    [email protected]

  • Aquatic health including import quarantine measures for fishery products and safety for exporting fishery products:

    Division of International Commerce and Trade

    Ministry of Oceans and Fisheries

    Phone: +(8244) 200 5380/5386

    Website: http://www.mof.go.kr

    94, Dasom 2-ro

    [email protected]

  • Food (excluding feed) Safety including foods of plant, animal and aquatic origin:
    International Cooperation Office
    Ministry of Food and Drug Safety
    Phone: +(8243) 719 1554/1559
    Website: http://www.mfds.go.kr

    Osong Health Technology Administration Complex
    187, Osongsaengmyeong 2-ro
    Osong-eup, Cheongwon-gun

    [email protected]

TBT Enquiry Points

Technical Barriers to Trade (TBT) enquiry points are government agencies designated to answer questions about trade requirements.

  • Korea WTO TBT Enquiry Point

    Technical Barriers to Trade (TBT) Division

    Korean Agency for Technology and Standards (KATS)

    Phone: +(82) 43 870 5525

    Website: http://www.knowtbt.kr

    93 Isu-ro Maengdong-myeon Eumseong-gun

    Chungchungbuk-do

    [email protected]

  • Agricultural products:
    Quarantine Policy Division
    Ministry of Agriculture, Food and Rural Affairs (MAFRA)
    Phone: +(82 44) 201-2080

    94, Dasom 2-ro, Sejong-si
    Sejong-si

    [email protected]

Additional Information

 ePing alert

Links to other helpful resources

This section includes additional links to trade-related resources.

National Tariff Finder

 https://www.customs.go.kr/ftaportalkor/ad/ftaCnvn/txrtInfo.do?mi=3526

Trade Information Portal

 https://www.customs.go.kr/kcs/main.do

Last Reviewed: June, 2024

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