Market Analysis: South Korea
Posted: Mon Dec 23, 2024 4:34 am
South Korea is a country located in East Asia. It is bordered to the north by the Democratic People's Republic of Korea, to the east by the Sea of Japan, to the south by the Korea Strait, and to the west by the Yellow Sea. It has a territory of 100,339 km², ranking 109th in the world by area. The capital and largest city is Seoul, with a population of 9,806,538 inhabitants.
Foreign trade
Tags: South Korea , Internationalization , Foreign Trade , SMEs
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Trade relations between Spain and South Korea have been gaining ground in recent years, especially since 2011 with the signing of the Free Trade Agreements between the European Union and South Korea, which resulted in the elimination of tariffs on almost all items, except for some agricultural products. This has led to an increase in trade and investment flows between the two countries. In fact, South Korea is currently the third destination country for our exports to the Asian continent, after China and Japan.
As regards the commercial sectors exchanged between Spain and South Korea, the most important are the automobile, chemical and metal sectors. In the field of infrastructure and industry, Spanish and South Korean companies maintain close cooperation on large projects located in other countries.
Regarding Spanish exports by tariff chapter, the first mexico cell phone number lookup corresponds to “meat and edible offal”, which in recent years has increased from 131.2 million euros in 2015 to 247.8 million euros in 2018. The largest increase corresponds to the aircraft chapter, which went from 12.9 million euros in 2017 to 213.3 million euros in 2018. This increase is due to the sale of Airbus A330 aircraft for the Korean Air Force.
Exports to South Korea in the first half of 2019 reached a new record figure of 1,074.1 million euros, an increase of 26.5% compared to the first half of 2018.
South Korea Market AnalysisA significant fact for the export of Spanish products is that South Koreans are more receptive to high-quality and reliable European products. On the other hand, one of the advantages of the country is that 50% of the country's population is established around the capital, so potential distributors and local companies are more concentrated. Another relevant aspect for negotiating with local companies is that in South Korea it is common for companies to ask for exclusivity in distribution, so it is necessary to commit to this.
Finally, it is important to highlight the advantage of distribution through e-commerce, as there are different online platforms (Coupang, GMarket, 11thStreet, Auction), which are growing at a high rate. It is estimated that they will reach 60 billion euros in turnover by the end of 2019. The products most sold through this channel are especially food, fashion, footwear, cosmetics, sports products, household items, consumer electronics, leisure, etc. These turnover data show that e-commerce in South Korea is a good alternative channel for exporting products to this Asian country.
Are you interested in market analyses of other countries? Check out the foreign trade section. If you also want to invest in another country or export, find out about the chambers of commerce programs: Xpande and XpandeDigital .
Foreign trade
Tags: South Korea , Internationalization , Foreign Trade , SMEs
Image
shutterstock_248705209.jpg
Trade relations between Spain and South Korea have been gaining ground in recent years, especially since 2011 with the signing of the Free Trade Agreements between the European Union and South Korea, which resulted in the elimination of tariffs on almost all items, except for some agricultural products. This has led to an increase in trade and investment flows between the two countries. In fact, South Korea is currently the third destination country for our exports to the Asian continent, after China and Japan.
As regards the commercial sectors exchanged between Spain and South Korea, the most important are the automobile, chemical and metal sectors. In the field of infrastructure and industry, Spanish and South Korean companies maintain close cooperation on large projects located in other countries.
Regarding Spanish exports by tariff chapter, the first mexico cell phone number lookup corresponds to “meat and edible offal”, which in recent years has increased from 131.2 million euros in 2015 to 247.8 million euros in 2018. The largest increase corresponds to the aircraft chapter, which went from 12.9 million euros in 2017 to 213.3 million euros in 2018. This increase is due to the sale of Airbus A330 aircraft for the Korean Air Force.
Exports to South Korea in the first half of 2019 reached a new record figure of 1,074.1 million euros, an increase of 26.5% compared to the first half of 2018.
South Korea Market AnalysisA significant fact for the export of Spanish products is that South Koreans are more receptive to high-quality and reliable European products. On the other hand, one of the advantages of the country is that 50% of the country's population is established around the capital, so potential distributors and local companies are more concentrated. Another relevant aspect for negotiating with local companies is that in South Korea it is common for companies to ask for exclusivity in distribution, so it is necessary to commit to this.
Finally, it is important to highlight the advantage of distribution through e-commerce, as there are different online platforms (Coupang, GMarket, 11thStreet, Auction), which are growing at a high rate. It is estimated that they will reach 60 billion euros in turnover by the end of 2019. The products most sold through this channel are especially food, fashion, footwear, cosmetics, sports products, household items, consumer electronics, leisure, etc. These turnover data show that e-commerce in South Korea is a good alternative channel for exporting products to this Asian country.
Are you interested in market analyses of other countries? Check out the foreign trade section. If you also want to invest in another country or export, find out about the chambers of commerce programs: Xpande and XpandeDigital .