South Korea Sourcing
With an estimated 50 million inhabitants South Korea is the world’s 26th-most-populous country and was ranked as the 15th largest economy in the world in 2013.
South Korea was one of the few developed countries that were able to avoid a recession during the global financial crisis. Its economic growth rate reached 6.2 percent in 2010. South Korea is the only developed country so far to have been included in the group of Next Eleven countries.
Having almost no natural resources and always suffering from overpopulation in its small territory, South Korea adapted an export-oriented economic strategy, with production focusing on semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, and petrochemicals. In 2010, South Korea was the sixth largest exporter in the world.
Main export partners are China (24.4%), United States (10.1%), Japan (7.1%).
Despite the South Korean economy’s high growth potential and apparent structural stability, the country suffers damage to its credit rating in the stock market because of the belligerence of North Korea, which has an adverse effect on the financial markets of the South Korean economy.
To discuss your South Korea sourcing requirements please contact us