To learn more about the ROK market,
visit our E-Learning page and watch
Course 1: ROK Market Overview, and
Course 2: Business Etiquette.
About South Korea
Country Profile: Republic of Korea
Before the signing of the K-CAFTA and the Republic of Korea's accession to CABEI, this country was just one of many external players in the global market, rather than a partner for the Central American region. Given the physical distance of 13,558 km between Korea and Central America, it is natural that South Korea was little known in the region.
With the full entry into force of the K-CAFTA and Korea's growing presence in the region, now is the time to learn more about the country and the potential opportunities in its market.
- Country Name: Republic of Korea
- Capital: Seoul
- Population: 51.75 million (2024)
- GDP: USD 1,869.9 billion (2024)
- Gross National Income per capita: USD 36,113 (2024)
- GDP Growth Rate: 2.5% (2024)
- Currency: South Korean Won (USD 1 = KRW 1,466, 2024)
- Area: 100,364 km²
- Geographic Location: Korean Peninsula (latitude: 33°-43°; longitude: 124°-132°)
- Political System: Liberal Democracy; Presidential System
- National Language: Korean
- National Flag: Taegeukgi
- National Flower: Mugunghwa (Rose of Sharon)
Economic Fundamentals
The Republic of Korea is one of the few countries that has successfully transformed itself from a low-income to a high-income economy and has established itself as a global leader in innovation and technology. In recent decades, the country has achieved remarkable success by combining rapid economic growth with significant poverty reduction, with an average annual Gross Domestic Product (GDP) growth of 5.7% between 1980 and 2022. It currently ranks 10th globally in terms of GDP. Gross National Income (GNI) per capita also increased rapidly, from USD 67 in the early 1950s to USD 33,592 in 2022.
| Economic Indicators | 2022 | 2023 | 2024 |
|---|---|---|---|
| GDP (Current USD, Billions) | 1,734 | 1,839 | 1,869 |
| GDP per capita (USD) | 33,592 | 35,563 | 36,624 |
| Real GDP Growth (% change) | 2.59% | 1.4% | 2.49% |
| Average Consumer Prices (% change) | 5.1% | 3.6% | 2.3% |
| Unemployment Rate (%) | 3.0% | 2.7% | 2.9% |
The largest trade partners of ROK have been the People’s Republic of China, the United States of America, and Vietnam, which accounted for over 43% of the total export to the world and over 37% of the total import from the world as of 2022.
When it comes to ROK’s trade with Central America, the trade value for both imports and exports is small accounting for about 0.20% and 0.41% of the total trade value in 2022. Despite the comparably small in size, both imports and exports increased from 2020 to 2022 with further increase expected along with the impacts of the K-CAFTA signed.
| Foreign Merchandise Trade (USD billions) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Exports to World from ROK | 683.6 | 632.2 | 683.6 |
| Imports from World to ROK | 731.4 | 642.6 | 631.8 |
| ROK Imports from CA | 1.16 | 0.79 | 0.66 |
| ROK Exports to CA | 2.14 | 2.14 | 2.49 |
| ROK Trade Balance with CA | 0.97 | 1.35 | 1.83 |
| Principal CA Goods Exports to ROK | Principal CA Goods Imports to ROK |
|---|---|
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