ALIGN="LEFT" SRC="cgtdcc.gif" Border="0" alt="#A"> Center for Global Trade Development
Centre pour le developpement du commerce global
Zentrum für weltweite Handels-Entwicklung
Centro para el desarrollo del Comercio Global
Korea - Trade & Marketing Information
Korea - Trade, Industry & Marketing Information | |
Search by Countries | | Search by industry | | Korea - economy | | Key foreign trade data | | Global Marketplace On-line | | Index
ALIGN="RIGHT" SRC="/cgtd/global/asia/korea.gif"> Korea - key economic data 

Economy Overview:

    The driving force behind the economy's dynamic growth has been the planned
    development of an export-oriented economy in a vigorously entrepreneurial
    society. Real GDP increased more than 10% annually between 1986 and 1991.
    This growth ultimately led to an overheated situation characterized by a
    tight labor market, strong inflationary pressures, and a rapidly rising
    current account deficit. As a result, in 1992, economic policy focused on
    slowing the growth rate of inflation and reducing the deficit. Annual growth
    slowed to 5%, still above the rate in most other countries of the world, and
    recovered to 6.3% in 1993. The economy expanded by 8.3% in 1994, driven by
    booming exports.


National product:
    GDP - purchasing power parity - $508.3 billion (1994 est.)
National product real growth rate:
    8.3% (1994)
National product per capita:
    $11,270 (1994 est.)
Inflation rate (consumer prices):
    5.6% (1994)
Unemployment rate:
    2% (November 1994)
Budget:
  revenues:
    $63 billion
  expenditures:
    $63 billion, including capital expenditures of $NA (1995 est.)



Industrial production:

    growth rate 12.1% (1994 est.); accounts for about 45% of GNP
Electricity:
  capacity:
    26,940,000 kW
  production:
    137 billion kWh
  consumption per capita:
    2,847 kWh (1993)



Economic Activity


Industries:

    electronics, automobile production, chemicals, shipbuilding, steel,
    textiles, clothing, footwear, food processing



Agriculture:
    accounts for 8% of GDP and employs 21% of work force (including fishing and
    forestry); principal crops - rice, root crops, barley, vegetables, fruit;
    livestock and livestock products - cattle, hogs, chickens, milk, eggs;
    self-sufficient in food, except for wheat; fish catch of 2.9 million metric
    tons, seventh-largest in world
Korea - key foreign trade data 


Exports:

    $96.2 billion (f.o.b., 1994)
  Commodities:
    electronic and electrical equipment, machinery, steel, automobiles, ships,
    textiles, clothing, footwear, fish
   Major Trade Partners::
    US 26%, Japan 17%, EU 14%



Imports:

    $102.3 billion (c.i.f., 1994)
  Commodities:
    machinery, electronics and electronic equipment, oil, steel, transport
    equipment, textiles, organic chemicals, grains
   Major Trade Partners::
    Japan 26%, US 24%, EU 15%
External debt:
    $44.1 billion (1993)
Korea - Trade, Industry & Marketing information

Customized business information

Business Directories