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ABOUT KOREA

Korea is increasingly garnering the attention of American businesses, whether small, medium or large. Whether you’ve exported to Korea before, or wish to expand, or never had any experience with Korea, it is difficult to ignore the 12th largest economy in the world.

Why Korea? Why should you be doing business in a country that is on the other side of the world, and seemingly such a small country that lives in the shadows of China and Japan? Over the past couple of decades, there have been remarkable success stories of U.S. companies in Korea. Those who have seriously looked at the Korean market, dedicated time and market energy, including establishing lasting business relationships, have been well rewarded.

Korea is a strong, fast-paced economy coming out of the global recession better than any other advanced country. Korea is as diverse in interest and demands as the U.S.

The basics:

- Korea is a country of 50 million people, slightly larger than Indiana, with the 12th largest economy in the world.
- The size of the economy is USD 1 trillion, same GDP league as Australia, Mexico, or India.
- With per capita GDP at $19,000, Korea , apart from Japan, has the highest per capita GDP of any of the major Asian markets (i.e. countries with populations over 30 million).

The most attractive aspect of Korea’s economy is its growth. It’s hard to imagine now that Korea’s economy was at levels of some of the poorest African nations just 50 years ago: the country’s per capita GDP was just over $100 in the early 1960s. Since 2000, Korea’s GDP has doubled, and imports have tripled. What has this meant for US exports? US exports has doubled over a 10-year period since 1998 to $34 billion in 2008, making Korea the 8th largest export market in the world, surpassing such countries such as France, Brazil, Australia and Taiwan.

For the United States, Korea is:

- The 5th largest agricultural market.
- The 5th largest source for tourism and visitors
- The 6th largest high-tech market.

One-third of all U.S. trade with Korea, imports and exports, consists of advanced technology products such as biotechnology, life sciences, IT, and aerospace. This high-tech environment has made Korea one of the most Internet wired countries in the world. Most Fortune 500 companies have a well established presence in Korea. Thousands of American small and medium sized companies continue to do business in Korea in such diverse areas as consumer products, environmental technologies, and the education sector.

Korea is affluent, upscale, tech-savvy, yet diverse, youth-oriented, including major sports and leisure pursuits. Many U.S. companies of all sizes have successfully marketed a spectrum of products and services in Korea – from golf accessories to cosmetics, and from aircraft maintenance to children’s video.

KIN Consulting Group can help you along this export path, providing market insights, solid advice, and strong contacts. Our goal is to help you reach, or exceed, all your market goals for Korea.