With regard to imports from European countries, in 2017, the largest customers in the Republic of Korea are the United Kingdom (12th customer, with a weight of 1.5% in the global value of exports), Germany (13th customer, with a weight of 1.5%), Russia (17th customer, with a weight of 1.2%) and Turkey (19th customer, with a weight of 1.1%).
In the same period, Portugal was the 71st customer, with national purchases corresponding to 0.08% of South Korea's total exports. The amount of exports from South Korea to our country registered an increase of 5.2%.
Portugal, as a supplier to South Korea, occupied 66th position in 2017, representing 0.06% of the global value of the respective imports. The amount of purchases of goods from our country to South Korea increased by 16.0% compared to 2016.
South Korea's relationship with the EU is fundamentally governed by two Agreements: the 2010 Framework Agreement (which aims to develop cooperation and dialogue between the parties on issues of common interest, in force since 1 June 2014 ) and the Free Trade Agreement (which aims, among other goals, the elimination of customs duties and non-tariff barriers between the two economies and a greater opening in access to services and investment markets, intellectual property, public procurement, competition policy and trade, in force since 13 December 2015).
ECONOMIC RELATIONS WITH PORTUGAL
For Portugal, the exchange of goods and services with South Korea has modest values. In 2017, South Korea's share was 0.19% as a customer and 0.48% as a supplier, both percentages being the highest in the period under review (2013-2017).
Exports of goods and services from Portugal to South Korea reached 158.2 million euros in 2017. The average annual growth, in the period 2013-2017, was 11.0%.
Portuguese imports of goods and services from South Korea have been increasing over the years. The amount of imports went from 226.1 million euros in 2013 to 387.8 million euros in 2017. The average annual growth rate was 14.8%.
The trade balance is unfavorable to Portugal. The coefficient of coverage of imports by exports was 40.8% in 2017.