South Korea

 

General overview

Population:

48,636,068 (July 2010 est.)

GDP (purchasing power parity):

US $1.356 trillion (2009 est.)

GDP per capita (PPP):

US $28,000 (2009 est.)

GDP (real growth rate):

0.2% (2009 est.)

Industries:

electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

Imports:

US $317.5 billion (2009 est.)

Import commodities:

machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics

Exports:

US $373.6 billion (2009 est.)

Export commodities:

semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals

Alberta's exports to South Korea:

CAN $532.6 million (2009)

Alberta's main exports to South Korea:

wood pulp; coal; winches or capstains; hides and skins; ethylene glycol; wheat; pork; part of boring or sinking machinery; canola; nickel; malt; swedes, mangolds, fodder roots, hay, pellets; carbon

Canada's main exports to South Korea:

coal; nickel; wood pulp; aluminum; pork; uranium; wheat

For detailed information about South Korea’s economy, political system and history, visit the CIA World Factbook, the Energy Information Association, and the Library of Congress.

Export statistics

For detailed statistical information on Alberta and Canadian exports to South Korea, consult the following statistical publications and databases:

Alberta-South Korea relations

Alberta has maintained a trade office in Seoul since 1989. It is co-located in the Canadian Embassy.

Sector opportunities

  • Agrifood: Alberta's top priority is to obtain greater access to the Korean Market for value-added and consumer ready food products, especially in beef, pork, wheat, malting barley/malt, and canola oil products. The Canadian Beef Export Federation (CBEF) in cooperation with AKO is working hard to lift of the ban on the Canadian Beef and processed meat products. Food consumption and food purchasing behavior are changed as Koreans are more health-conscious.
  • Biotechnology: Large business groups in Korea are aggressively developing biotechnology and life sciences products such as inorganic chemicals, herbal extracts and drug delivery systems and pharmaceutical products. Biotechnology is a priority sector for the Korea government. Biomedical technology is expected to dominate Korea's biotechnology industry and agricultural biotechnology is expected to play an increasing role.
  • Building products: This sector is one of the fastest growing business opportunities in Korea. The move to the five-day work week will further propel this trend to western style housing.
  • Education & training: Korean parents know their children will have a more promising career if they are fluent in English. Canada is preferred because of the more natural accent and safe environment. Incomes in Korea are rapidly increasing and higher incomes mean a better life style, more interchange with foreign nations and more opportunity to study abroad. The Korean government's policy is to improve the nations English language capability.
  • Energy: Korean Investment interest in Alberta's oil sands has recently been renewed since secure energy sources are key to the continued development of Korea. Korea National Oil Corporation (KNOC) is considering an investment for an oil sands project in Alberta. Seoul City Gas (SCG) invested CAD $34 million for oil & gas exploration/production projects in Alberta. SCG is continuing to pursue this project in Alberta.
  • Information communication technologies: Home networking services utilizing applied technologies in mobile communications technology and high speed internet networks with electronic home appliances; e.g. DTV and VoD-related, home automation, home security, health care and telematics services. The Korean government plans to set up a broadband convergence network. Partnering with local companies to offer solutions applicable to the broadband convergence network environment is promising.
  • Petrochemical & refined products: Korea is importing a large quantity of petrochemicals from Alberta. Main imported products include ethylene glycol, styrene monomer and methanol. Korean companies have also expressed an interest in investing in Alberta's petrochemical sector.

Services for exporters

For additional services in South Korea, visit:

Date Updated:
RDP-1626