Korea Economy & Industry
- Since the early 1960s, South Korea has experienced substantial economic growth, based initially on a model of export centred economic development. A subsequent series of government initiated five-year economic plans fostered a shift from a primarily agricultural to a heavy industrial - and later high technological - economic framework.
- South Korea has one of the fastest growing economies in the world, and is the world’s 10th largest economy according to a nominal measure of Gross Domestic Product (GDP), which in 2005 was US$801.2 billion. A GDP measured by purchasing power parity (PPP) in 2005 placed South Korea as the 12th largest world economy at US$1.101 trillion.
- During the Asian financial crisis through 1997 to 1999, International Monetary Fund (IMF) assistance and government initiated reforms made South Korea one of the few Asian nations to experience continued GDP growth by the turning of the millennium.
- South Korea’s 2005 GDP growth rate was 3.9 percent, with a per capita GDP rate of US$20,400.
- South Korea’s main export commodities are electronics, ships, motor vehicles, steel and petrochemicals. In 2005, South Korea posted an export rate estimated at US$288.2 billion.
- South Korea’s main import commodities are machinery, electronics, oil, steel, transport equipment, plastics and organic chemicals. South Korea’s import rate in 2005 was US$256 billion.
- South Korea maintains a low national unemployment rate, estimated at 3.7 percent in 2005.
- South Korea is a member nation of several international economic and trade organizations including Asia-Pacific Economic Cooperation (APEC), the Organization for Economic Cooperation and Development (OECD) and the World Trade Organization (WTO).
Industry
South Korea's current industrial makeup places emphasis on heavy manufacturing and high technology research and production. Some key industry sectors in the country include:
- automobile production
- cellular and mobile phone manufacturing
- chemical production
- computer manufacturing
- electronics
- food processing
- footwear manufacturing
- liquid crystal display (LCD) production
- semiconductor manufacturing
- ship building
- steel
- textiles
South Korea’s many industrial sectors provide great opportunities for business, trade and investment. For more, please see:
For more information on South Korea’s economy, please see:
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For more details on some of South Korea’s main industries, please visit: