Latest Trends August, 2022 Overview In August 2022 South Korea exported $56.9B and imported $66.3B, resulting in a negative trade balance of $9.39B. Exports of goods and services (% of GDP) - Korea, Rep. | Data )exports of goods and services: 43.1% (2017 est. A national economic problem, housing price polarization, leads the governments to promote national policies to provide 830,000 houses in South Korea . To learn more about cookies, click here. Korea Percentage: Urban regions Percentage 2014 Korea (red) Permanent immigrant inflows Indicator: 68 795.0 Total Number )industry: 39.3% (2017 est. exclusive survey of global business confidence. South Korea's Industry Sector. )$371.1 billion (31 December 2016 est. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. )2.91% (2018 est. Revival of Korea's Semiconductor Exports is In Sight Published by L. Yoon , Feb 14, 2022 In 2021, the GDP produced from the cultural and other service sector in South Korea amounted to approximately 35.58 trillion South Korean won. Of GDP current US the number 5 in total exports the number 9 in total imports the number 32 economy in. )$2,208,960,000,000 (2019 est. From the third quarter, the economy expanded a seasonally. ), conventional long form: Republic of Koreaconventional short form: South Korealocal long form: Taehan-min'guklocal short form: Han'gukabbreviation: ROKetymology: derived from the Chinese name for Goryeo, which was the Korean dynasty that united the peninsula in the 10th century A.D.; the South Korean name "Han'guk" derives from the long form, "Taehan-min'guk," which is itself a derivation from "Daehan-je'guk," which means "the Great Empire of the Han"; "Han" refers to the "Sam'han" or the "Three Han Kingdoms" (Goguryeo, Baekje, and Silla from the Three Kingdoms Era, 1st-7th centuries A.D.), name: Seoul; note - Sejong, located some 120 km (75 mi) south of Seoul, serves as an administrative capital for segments of the South Korean Governmentgeographic coordinates: 37 33 N, 126 59 Etime difference: UTC+9 (14 hours ahead of Washington, DC, during Standard Time)etymology: the name originates from the Korean word meaning "capital city" and which is believed to be derived from Seorabeol, the name of the capital of the ancient Korean Kingdom of Silla, 9 provinces (do, singular and plural), 6 metropolitan cities (gwangyeoksi, singular and plural), 1 special city (teugbyeolsi), and 1 special self-governing city (teukbyeoljachisi), provinces: Chungcheongbuk-do (North Chungcheong), Chungcheongnam-do (South Chungcheong), Gangwon-do, Gyeongsangbuk-do (North Gyeongsang), Gyeonggi-do, Gyeongsangnam-do (South Gyeongsang), Jeju-do (Jeju), Jeollabuk-do (North Jeolla), Jeollanam-do (South Jeolla), metropolitan cities: Busan (Pusan), Daegu (Taegu), Daejeon (Taejon), Gwangju (Kwangju), Incheon (Inch'on), Ulsan, history: several previous; latest passed by National Assembly 12 October 1987, approved in referendum 28 October 1987, effective 25 February 1988amendments: proposed by the president or by majority support of the National Assembly membership; passage requires at least two-thirds majority vote by the Assembly membership, approval in a referendum by more than one half of the votes by more than one half of eligible voters, and promulgation by the president; amended several times, last in 1987, mixed legal system combining European civil law, Anglo-American law, and Chinese classical thought, has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction, citizenship by birth: nocitizenship by descent only: at least one parent must be a citizen of South Koreadual citizenship recognized: noresidency requirement for naturalization: 5 years, 18 years of age; universal; note - the voting age was lowered from 19 to 18 beginning with the 2020 national election, chief of state: President YOON Suk Yeol (since 10 May 2022); the president is both chief of state and head of government; Prime Minister HAN Deok-Soo (since 21 May 2022) serves as the principal executive assistant to the president, similar to the role of a vice presidenthead of government: President YOON Suk Yeol (since 10 May 2022)cabinet: State Council appointed by the president on the prime minister's recommendationelections/appointments: president directly elected by simple majority popular vote for a single 5-year term; election last held on 9 March 2022 (next to be held March 2027); prime minister appointed by president with consent of National Assemblyelection results: 2022: YOON Suk-yeol (PPP) 48.56%, LEE Jae-myung (DP) 47.83% (note - voter turnout 77.1%)2017: MOON Jae-in (DP) 41.09%, HONG joon-pyo (Liberty Korea Party) 24.04%, AHN Cheol-soo (PP) 21.42%, description: unicameral National Assembly or Kuk Hoe (300 seats statutory, current 295; 253 members directly elected in single-seat constituencies by simple majority vote and 47 directly elected in a single national constituency by proportional representation vote; members serve 4-year terms)elections: last held on 15 April 2020 (next to be held on 10 April 2024)election results: percent of vote by party - NA; seats by party - DP/Together Citizens Party 180, United Future Party (now PPP) 103, JP 6, ODP 3, PP 3, independent 5; composition as of April 2022 - men 240, women 55, percent of women 18.6%, highest court(s): Supreme Court (consists of a chief justice and 13 justices); Constitutional Court (consists of a court head and 8 justices)judge selection and term of office: Supreme Court chief justice appointed by the president with the consent of the National Assembly; other justices appointed by the president upon the recommendation of the chief justice and consent of the National Assembly; position of the chief justice is a 6-year nonrenewable term; other justices serve 6-year renewable terms; Constitutional Court justices appointed - 3 by the president, 3 by the National Assembly, and 3 by the Supreme Court chief justice; court head serves until retirement at age 70, while other justices serve 6-year renewable terms with mandatory retirement at age 65subordinate courts: High Courts; District Courts; Branch Courts (organized under the District Courts); specialized courts for family and administrative issues, Basic Income Party [SHIN Ji-hye]Democratic Party or DP [LEE Jae-myung] (renamed from Minjoo Party of Korea or MPK in October 2016; formerly New Politics Alliance for Democracy or NPAD, which was a merger of the Democratic Party or DP (formerly DUP) [KIM Han-gil] and the New Political Vision Party or NPVP [AHN Cheol-soo] in March 2014; includes the former Open Democratic Party [CHOI Kong-wook], which merged with the DP in January 2022; also includes the Together Citizens' Party or Platform Party [WOO Hee-jong, CHOI Bae-geun], which merged with the DP in May 2022)Justice Party or JP [YEO Young-kug]People Power Party or PPP [LEE Jun-seok] (renamed from United Future Party in September 2020, formerly Liberty Korea Party)People's Party or PP [AHN Cheol-soo]Transition Korea [CHO Jung-hun]note: the Democratic (Minjoo) Party is South Koreas largest party and its main progressive party; the People Power Party (PPP) is a conservative grouping and is South Koreas second-largest party; the PPP and its predecessor parties have controlled the National Assembly for all but nine of the 33 years since the 1987 Constitution went into effect, ADB, AfDB (nonregional member), APEC, Arctic Council (observer), ARF, ASEAN (dialogue partner), Australia Group, BIS, CD, CICA, CP, EAS, EBRD, FAO, FATF, G-20, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MINURSO, MINUSTAH, NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), Pacific Alliance (observer), Paris Club (associate), PCA, PIF (partner), SAARC (observer), SICA (observer), UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNHRC, UNIDO, UNIFIL, UNISFA, UNMIL, UNMISS, UNMOGIP, UNOCI, UNWTO, UPU, Wassenaar Arrangement, WCO, WHO, WIPO, WMO, WTO, ZC, chief of mission: Ambassador (Appointed) CHO Tae-yong (since 11 June 2022)chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008telephone: [1] (202) 939-5600FAX: [1] (202) 797-0595email address and website: generalusa@mofa.go.krhttps://overseas.mofa.go.kr/us-en/index.doconsulate(s) general: Anchorage (AK), Atlanta, Boston, Chicago, Dallas (TX), Hagatna (Guam), Honolulu, Houston, Los Angeles, New York, San Francisco, Seattle, Washington DC, chief of mission: Ambassador Philip S. GOLDBERG (since 29 July 2022)embassy: 188 Sejong-daero, Jongno-gu, Seoulmailing address: 9600 Seoul Place, Washington, DC 20521-9600telephone: [82] (2) 397-4114FAX: [82] (2) 397-4101email address and website: seoulinfoACS@state.govhttps://kr.usembassy.gov/consulate(s): Busan, white with a red (top) and blue yin-yang symbol in the center; there is a different black trigram from the ancient I Ching (Book of Changes) in each corner of the white field; the South Korean national flag is called Taegukki; white is a traditional Korean color and represents peace and purity; the blue section represents the negative cosmic forces of the yin, while the red symbolizes the opposite positive forces of the yang; each trigram (kwae) denotes one of the four universal elements, which together express the principle of movement and harmony, taegeuk (yin yang symbol), Hibiscus syriacus (Rose of Sharon), Siberian tiger; national colors: red, white, blue, black, name: "Aegukga" (Patriotic Song)lyrics/music: YUN Ch'i-Ho or AN Ch'ang-Ho/AHN Eaktaynote: adopted 1948, well-known by 1910; both North Korea's and South Korea's anthems share the same name and have a vaguely similar melody but have different lyrics, total World Heritage Sites: 15 (13 cultural, 2 natural)selected World Heritage Site locales: Jeju Volcanic Island and Lava Tubes (n); Changdeokgung Palace Complex (c); Jongmyo Shrine (c); Seokguram Grotto and Bulguksa Temple (c); Gochang, Hwasun, and Ganghwa Dolmen Sites (c); Gyeongju Historic Areas (c); Namhansanseong (c); Baekje Historic Areas (c); Sansa, Buddhist Mountain Monasteries in Korea (c); Royal Tombs of the Joseon Dynasty (c). )spirits: 0.22 liters of pure alcohol (2019 est. Why Are South Korea's Chaebol Important? - Council on Foreign Relations World Bank national accounts data, and OECD National Accounts data files. South Korea is the world leader for exporting cruise or cargo ships and ranks among the top countries for global sales of electronic integrated circuits , cars . )forest: 63.9% (2018 est. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Koreas trade with China over the deployment of a US missile defense system in South Korea. About globalEDGE . )exports: 0 cubic meters (2019 est. Visit the Definitions and Notes page to view a description of each topic. South Korea trade to gdp ratio for 2019 was 75.76%, a 3.23% decline from 2018. The South Korean tech sector that is helping pull the economy out of a pandemic slump is largely built on the work of Samsungs Lee Kun-hee. U.S. beef exports continue to drive trade to South Korea. )1,130.95 (2014 est. You need a Statista Account for unlimited access. The Asian financial crisis of 1997-98 hit South Koreas companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. )from petroleum and other liquids: 255.518 million metric tonnes of CO2 (2019 est. Tuesday's data showed exports were the main driver of growth in the fourth quarter, jumping 4.3% on-quarter. )consumption: 140.579 million metric tons (2020 est. and Consumer Credit Risk Solutions from In aggregate, those major exports accounted for well over a third (36%) of South Korea's overall exports. The country's exports tumbled 10.3 percent to USD 542.4 billion in 2019 after reaching a record . Exports grew from just 4 percent of GDP in 1961 to more than 40 percent by 2016, one of the highest rates globally. Download The Gross Domestic Product (GDP) in South Korea was worth 1798.53 billion US dollars in 2021, according to official data from the World Bank. )imports: 55,417,677,000 cubic meters (2019 est. 42.0 Exports % of GDP 2021 Korea % of GDP: Exports % of GDP 2002-2021 Korea (red) Exports % of GDP 2021 . Countries sorted by exports, imports and total trade (external trade rate) of goods and services as a share of the gross domestic product of the same year. note: data are in current year dollars$649.23 billion (2018 est.) Since GDP is only the value added domestically, it may happen that small countries export more than is produced in the country and/or import more than is consumed in the country and the . )percent of municipal solid waste recycled: 58% (2014 est. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. That percentage suggests a relatively concentrated range of exported goods. GDP Growth and GDP per capita Growth of South Korea. Register in seconds and access exclusive features. South Korea's GDP growth hit 11-year high in 2021 as exports boom - CNBC ), total petroleum production: 37,400 bbl/day (2021 est. )biomass and waste: 1.7% of total installed capacity (2020 est. Why a big slump in South Korea's exports matters )proven reserves: 326 million metric tons (2019 est. ), $59.971 billion (2019 est. Accessed November 08, 2022. https://www.statista.com/statistics/1323019/south-korea-exports-and-imports-as-percentage-of-gdp/, Statistics Korea. Pedestrians walk past signage for the Bank of Korea in Seoul, South Korea, on Monday, Nov. 22, 2021. A recent Reuters poll of 20 economists forecast the economy to grow 2.9% this year, below the 3.0% projected by the BOK. "The economy got a boost from exports and investment in the final months of last yearGlobal demand for made-in-Korea will continue and consumption will improve on the back of expanded government spending to keep growth solid this year," said Chun Kyu-yeon, an analyst at Hana Financial Investment. )1.4% (2018 est. note: data are in current year dollars$660.51 billion (2019 est.) You can only download this statistic as a Premium user. South Korea: exports and imports as percentage of GDP 1970-2021 | Statista 2. 'It's the right move,' says economist as South Korea's central bank hikes rates. South Korea Exports 1966-2022 | FX Empire )beer: 1.72 liters of pure alcohol (2019 est. Over roughly the same period, the average income of South Koreans rose. South Korea. South Korea is notable for its emergence of economic development from an underdeveloped nation to a developed, high-income country in a few generations. Of the 34% share of industry to South Korea's GDP, 23% was contributed by manufacturing alone in 1980. ), total subscriptions: 23,858,239 (2020 est. [Contribution] Korea urged to tackle demographic challenge for A paid subscription is required for full access. Corporate solution including all features. South Korea trade to gdp ratio for 2020 was 69.22%, a 6.54% decline from 2019. Profit from the additional features of your individual account. GDP Per Capita, PPP $46,918 GDP $1.80 trillion Population 51,744,876 Area 99,720 SQ.KM More on South Korea The 25 Best Countries Countries That Accept the Most Migrants South Korea,. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. PARK was assassinated in 1979, and subsequent years were marked by political turmoil and continued authoritarian rule as the country's pro-democracy movement grew. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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