South Korea Export is mainly based on the electronics industry of the country. The major products that contribute to South Korea's strong export orientation are semiconductor materials and machinery. The other exported products are mobile phones, LCD panels, television sets, petrochemicals, motor vehicles, ships, computers and related accessories.
As the South Korean economy is largely dependent on exports, South Korea consciously maintains a good trade relationship with Japan, China and United States, who are the major importers of South Korean exported products.
Relevant Facts and Statistics
- In the year 2005, total South Korean export reached to $288.2 billion.
- GDP growth rate: In 2004, GDP(Gross Domestic Products) growth rate of South Korea reached to 4.7%. By the end of year 2007, GDP of South Korea is expected to grow by 5% as anticipated by International Monetary Fund.
There is no doubt that whatever be the levels, the GDP growth of South Korea is always largely influenced by the country's volume of export.
- South Korean entertainment industry plays a major role in South Korea export.
Chun Chong Woo, the senior economist at SC First Bank Korea in Seoul states that with the increasing demand in China, South Korea export will also increase in the coming years and consequently promote South Korea to attain the leading position among developed countries in Asia.
South Korean export policy
The government of South Korea designed some effective economic plans with an objective to promote the agricultural and electronics industry. At the start, government of South Korea emphasized on agricultural industry but afterwards emphasis shifted to electronics and chemical industry. So, it is clear that the govt. policies of South Korea are also constructed with the definite aim to achieve Export Led Growth.