Analysis and Studies - Country Analysis
South Korea: a look at the market
November 15th 2023
South Korea, situated in the East of Asia, is officially the Republic of Korea (ROK).
Mountains covers around ¾ of the area, people find mountains anywhere in the country, although there are few places you can find horizons. In the north and in the east of South Korea are concentrated tall mountains with altitudes exceeding 1,000 meters.
Korea fenced in the sea on three sides, except for the northern side.
The East see is qualify by its deep waters and simpler coastlines, but the West and South Seas are depthless, with more islands.
A distinctiveness of Korea is the flag: The Taegeukgi was the first flag adopted as the national flag of the Joseon Dynasty in 1883, and after it has been used as the national flag. The Taegeukgi is a circle of red and blue located at the center against a white background, with four black trigrams placed in the four corners.
The with background represents brightness, purity and peace. Instead, the taegeuk symbolizes harmony between yin and yang (in the Eastern philosophy represents the two contrasting aspects of energy that creates all exsistences in the universe).
Lastly, the four trigams represent the sky, the earth, the water and the fire.
A look at the market
The South Korea economy decreased in the mouth of September 2023, because of the significant decrease in exports to China, (-18.1%), Hong Kong (-15.1%), and Singapore (-20.4%), and product exports decrease in Electrical machinery and electronics ( -12.5%), Mineral fuels, mineral oils and products... (-8.88%), and Plastics and articles thereof (-6.78%). In September 2023, the decrease in South Korea's imports was explained by a decrease in imports from China ( -13%), United States ( -24.5%), and Australia ( -39.7%), and product imports decrease in Mineral fuels, mineral oils and products... ( -31.7%), Electrical machinery and electronics (19%), and Cereals (-40.3%).
In 2021 South Korea was the 5th exporter in the world, with a total of $ 653 billion. During the last five reported years the exports have changed significantly.