fficial designation: Republic of Korea
Capital: Seoul
Language: korean
Currency: South Korean Won (KRW)
ECONOMY
According to data from the EIU - The Economist Intelligence Unit, the population of South Korea is around 51.2 million people and has an estimated GDP per capita of 29,930 USD. This country is in the 11th position as the largest economic power in the world and 4th in Asia. After two years of economic stagnation, GDP grew to 3.1% in 2017 and 2.8% in 2018, due to the recovery of domestic consumption, the improvement in the real estate sector and fiscal measures and monetary stimulus.
In terms of GDP composition by activity sector, in 2017, EIU estimates indicate the following: agricultural sector - 2.1%; industry - 39.1%; services - 58.8%. This strong industrial base makes South Korea an export-oriented country. Due to its strong integration in international trade and financial transactions, the country is very vulnerable to external shocks.
In terms of the main products of the manufacturing industry, electronics, telecommunications, automobile produc- tion, the chemical sector, ship building and the steel industry stand out.
INTERNATIONAL TRADE
The Republic of Korea has a relevant role in world trade, becoming, in 2017, the 5th largest exporter in the world and 9th as an importer, according to data from the World Trade Organization.
Over the past five years, South Korea's exports have grown at an annualized rate of 1.2%. The most recent exports are led by Integrated circuits and electronic microcontrollers, which represent 17.5% of South Korea's total exports, followed by Passenger cars and other motor vehicles mainly designed for the transport of persons (except those of heading 8702) , including mixed-use vehicles (station wagons) and racing cars, which account for 6.71%.
Imports decreased at an annualized rate of -1%. The most recent imports are led by Crude oil or bituminous minerals, which represent 11.9% of South Korea's total imports, followed by Integrated circuits and electronic microcontrollers, which account for 8.18%.
According to data from the ITC - International Trade Center, the main export destinations of South Korea are China (24.8% of the total in 2017), the United States (12.0%), Vietnam, Hong Kong and Japan (between 4% and 9%).
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