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Economy of Korea

South Korea is the sovereign state that is situated on the Korean Peninsula. It shares its border with China in the northern region and with Russia in the northeast region. The official name of South Korea is Republic of Korea. Seoul is the capital and largest city of South Korea. With an estimated GDP of $1.666 trillion as of 2013 in terms of purchasing power parity (PPP), South Korea ranked 13 in the list of countries with largest economies. Over the course of last few years, South Korea has witnessed outstanding development and international integration to become a kind economy that is supported by prosper industrialized sector. With its firm and fruitful economic strategies and foreign trade policies, South Korea has managed to cement its place in the trillion-dollar club of world economies. Foreign investment in South Korea is also increasing at a rapid pace due to the better law and order situation and better business opportunities. The industrial zone of South Korea comprises electronics, telecommunications, automobile production, chemicals and steel. The agriculture sector of nation is quite stable one and yields high percentage of products every year. South Korea has the calendar year system for handling the monetary affairs of country.

Imports of South Korea

The estimated import value of South Korea is $516.6 billion as of 2013, which is the ninth largest when compared to the rest of the countries. South Korea imports a high percentage of machinery, electronics, electronic equipment, steel, optical instruments, transport equipment and organic chemicals. China, Japan, United States, Saudi Arabia, Qatar and Australia are the major import partners of South Korea.

Exports of South Korea

South Korea urges to increase the bilateral trade for the betterment of its overall economic condition. The estimated export value of South Korea is $557.3 billion as of 2013. The predominant export commodities of South Korea include semiconductors, wireless telecommunications equipment, motor vehicles, auto parts, computers and home appliances. The major export partners of South Korea include China, United States, Japan, Hong Kong and Singapore.

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Dialing Code
Fiscal Year
01 January - 31 December
South Korean Won (KRW)
$556.5 billion (2011 est.) | Semiconductors, Wireless Telecommunications Equipment, Motor Vehicles, Computers, Steel, Ships, Petrochemicals
$524.4 billion (2011 est.) | Machinery, Electronics And Electronic Equipment, Oil, Steel, Transport Equipment, Organic Chemicals, Plastics
Electronics, Telecommunications, Automobile Production, Chemicals, Shipbuilding, Steel