List of the largest trading partners of South Korea
These figures do not include services or foreign direct investment, but only trade in goods. The tenth largest South Korean trading partners with their total trade (sum of imports and exports) in billions of US Dollars for calendar year 2022 are as follows: [1]
Rank | Country/District | Exports | Imports | Total Trade |
---|---|---|---|---|
- | World | 705 | 666 | 1,532.1 |
1 | China | 150 | 150 | 300 |
2 | United States | 112 | 73.6 | 185.6 |
3 | Japan | 30.5 | 50.8 | 88.8 |
4 | Vietnam | 60.7 | 25.2 | 85.9 |
5 | Taiwan | 28.4 | 24.9 | 63.3 |
6 | Australia | 18.7 | 41 | 59.7 |
7 | Singapore | 22.5 | 11.9 | 34.4 |
8 | Germany | 11.2 | 22.7 | 33.9 |
9 | Hong Kong | 28.9 | 2.3 | 31.2 |
10 | India | 20.6 | 8.2 | 28.8 |
South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern part of the Korean Peninsula and borders North Korea along the Korean Demilitarized Zone; though it also claims the land border with China and Russia. The country's western border is formed by the Yellow Sea, while its eastern border is defined by the Sea of Japan. South Korea claims to be the sole legitimate government of the entire peninsula and adjacent islands. It has a population of 51.96 million, of which roughly half live in the Seoul Capital Area, the ninth most populous metropolitan area in the world. Other major cities include Incheon, Busan, and Daegu.
The economy of South Korea is a highly developed mixed economy. By nominal GDP, the economy was worth ₩2.24 quadrillion. It has the 6th largest economy in Asia and the 14th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join the OECD and the G20. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century.
South Korea maintains diplomatic relations with 191 countries. The country has also been a member of the United Nations since 1991, when it became a member state at the same time as North Korea. South Korea has also hosted major international events such as the 1988 Summer Olympics and 2002 World Cup Football Tournament and the 2011 IAAF World Championships Daegu South Korea. Furthermore, South Korea had hosted the 2018 Winter Olympics which took place in Pyeongchang, South Korea from 9 to 25 February.
Foreign relations exist between Austria and South Korea. Diplomatic relations between the two countries were established on May 22, 1963.
The China–Japan–South Korea trilateral summit is an annual summit meeting attended by the People's Republic of China, Japan and South Korea, three major countries in East Asia and the world's second, fourth and 12th largest economies. The first summit was held during December 2008 in Fukuoka, Japan. The talks are focused on maintaining strong trilateral relations, the regional economy and disaster relief.
Czech Republic–South Korea relations are foreign relations between the Czech Republic and South Korea.
A trading nation is a country where international trade makes up a large percentage of its economy.
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The European Union (EU) and South Korea are important trade partners: As of April 2023, Korea is the EU's third-largest importer. Excluding European countries, Korea has secured the third place on the list, following China and the United States. And the EU is Korea's third largest export destination. The two have signed a free trade agreement which came into effect at end of 2011. Furthermore, South Korea is the only country in the world with the three agreements covering economics, politics and security in effect as of 2020.
The China–South Korea Free Trade Agreement is a free trade agreement between China and South Korea signed in 2014 and active since the following year.
The Korea–Australia Free Trade Agreement (KAFTA) is a bilateral agreement seeking to reduce trade and investment barriers between Australia and South Korea. The agreement, which came into effect on the 12th of December 2014 provides Australian goods exporters, service providers and investors with significantly improved access to the South Korean market. The trade agreement stems from decades of bilateral relations, encompassing security, trade and diplomatic ties from 1962, when then President Park Chung-Hee introduced a series of five-year plans designed to spur globalisation efforts and industrial development in Korea following the end of the Korean War.
New Zealand–South Korea relations refers to the bilateral relations between New Zealand and South Korea.
South Korea-Uzbekistan relations are the international relations between South Korea and Uzbekistan.