South Korea is an export-focused economy with a growing local service sector. Korea is one of the Top 10 largest economies in the world. IPG Legal is a leading internationally-facing law firm in Korea assisting companies entering and doing business with Korean companies. We work with clients on matters in North America, Korea, China and throughout Southeast Asia.
Korea’s Top Exports
Some of the largest exports from Korea include:
- Electronics and Technology: Korea is a global leader in the production of electronics, including semiconductors, smartphones, TVs, washing machines, refrigerators and other consumer electronic goods.
- Automobiles: Korean automakers such as Hyundai and Kia are two of the largest automobile manufacturers in the world.
- Steel and Metal Products: South Korea is a major producer and exporter of stainless steel, iron, copper, and other metal and iron products.
- Chemicals: Korea is a major producer and exporter of chemicals, including petrochemicals, industrial gases, and synthetic resins.
- Textiles and Clothing: Korea is a more exporter of textiles and finished clothing.
- Machinery: Korean companies produce a range of machinery, including machine tools, construction machinery, agricultural machinery and steel making machinery.
- Shipbuilding: Korea is a major exporter in the shipbuilding industry. Korean companies produce a range of vessels, including mega container ships, tankers, and car carriers.
- Music, Films & the Arts: Korea is a major producer of music, art and films with artists like BTS hitting the top of the charts.
- Petroleum Refining: South Korea houses some of the world’s largest oil refineries. It is a leading exporter of refined petroleum products (gasoline, diesel, and jet fuel).
- Pharmaceuticals: Korea is a major contract manufacturer of pharmaceutical products.
- Beauty and Personal Care: Korean beauty and personal care products are growing in popularity worldwide. The major exports are in skincare and makeup products.
- Tourism, Education & Medical Tourism: South Korea is a growing and dynamic tourism destination with a large and growing interest in Korean medical and education tourism.
Korea is a country whose economy relies heavily on exports with a growing local service sector and increasing focus on tourism, music, film arts and culture.
