South Korea Economic Statistics

Importing from South Korea

South Korea has an export oriented economy and much of their growth has been achieved through the production of manufactured products. They are the first ever historical recipient of aid from the OECD to become a major donor themselves to the program, a goal they reached in 2009.

South Korea is the 5th largest exporter in the world, and the 10th largest economy in the world (in terms of GDP). The main South Korean exports include integrated circuits, refined petroleum, cars, and passenger and cargo ships. Top export destinations for South Korea are China, the US, Japan, and Singapore.

Importing from South Korea: What is trade finance?

Trade finance is a revolving facility in which lenders offer financing options – it enables businesses to purchase products and can help ease the pressure from working capital issues.

Generally, an export finance bank will fund up to 100% of the cost of the products, including charges (e.g. insurance costs).

Trade finance offers upsides over more traditional bank financing, for example bridging mortgages or loans. Trade finance provides quick funding without affecting existing bank relationships.

How does it work?

If you’re a business importing or exporting goods around the world, then a trade finance facility would assist your company through offering a letter of credit (LC) or some form of cash advance.

I’m looking to import from South Korea, how can Trade Finance Global help, and how does it work?

If you’re looking to import inventory from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A non-bank lender will act as the intermediary, paying the foreign exporter on your behalf until you get the products and have then sold them to your buyer. Repaying the financier then occurs over an agreed period of time.

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Speak to our trade finance team