South Korea

South Korea flag
 
Map of South Korea 

General Overview

Population: 48,846,823 (July 2006 est.)
GDP (purchasing power parity): US$965.3 billion (2005 est.)
GDP per capita: US$20,400 (2005 est.)
GDP (real growth rate): 3.9% (2005 est.)
Industries: electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Imports: US$256 billion f.o.b. (2005 est.)
Import commodities: machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics
Exports: US$288.2 billion f.o.b. (2005 est.)
Export commodities: semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals
Alberta's export to South Korea: CAN$535 million (2005)
Alberta's main exports to South Korea: woodpulp, antifreeze (ethylene glycol), wheat, rye, pork, frozen potatoes, malt, forage and fodder, hides and skins, bituminous coal, nickel, telecommunication parts and equipment
Canada's main exports to South Korea: bituminous coal, wheat, pork, copper, nickel , aluminum, antifreeze (ethylene glycol), telecommunication parts and equipment and lumber

For detailed information about South Korea, the following websites provide economic, political and historical information:

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Export Statistics

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

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Alberta-South Korea Relations

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

  • World Relations
    Alberta International and Intergovernmental Relations summary of Alberta's relationship with South Korea.

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Sector Opportunities

  • Alberta International Marketing Strategy (AIMS)

    Ensures the Alberta government's trade promotion and investment attraction activities are focused on key international markets.

    According to AIMS, South Korea has been identified as a priority market in the following sectors:

    • Agri-food
    • Biotechnology
    • Building Products
    • Education and Training
    • Energy
    • Information Communication Technologies
    • Petrochemical and Refined Products

  • Agri-food

    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.

    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 chemical, herbal extracts and drug delivery system 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. Currently exports from Alberta to Korea represent a larger dollar volume than to China. Korea's new government has projected to build 2.5 million houses during the next 5 years (2003-2007). While Korea's demand for new homes are showing an annual 10-15 per cent growth.

    Construction of wood-frame homes continues to increase. Korea imported $10.5 million worth of prefab houses during 2002. Imports from Canada were $2.9 million, an increase of 34.3 percent. The move to the five-day work week will further propel this trend to western style housing.

  • Education and 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. 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 and 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 for ethylene glycol project.

For additional information on business opportunities and resources for market intelligence, visit:

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Exporting Your Products - Services for Exporters

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Other Resources

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Alberta International, Intergovernmental & Aboriginal Relations Contacts

For customized export facilitation, contact our sector officers for South Korea:

  • Josephine Choi, Team Leader, Advanced Industries, Asia
  • Richard Jiang, Trade Development Officer, Energy Industries & Services, Asia
  • John Larson, Team Leader, Asia and Emerging Markets, Agriculture & Food
  • Don Smithson, Managing Director, Alberta-Korea Office

Date Updated: Oct 01, 2008
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