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KOREA - Trade Statistics
Following its victory in the Russo-Japanese War in 1905, Japan occupied Korea; five years later it formally annexed the entire peninsula. After World War II, a republic was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north. During the Korean War (1950-1953), US and other UN forces intervened to defend South Korea from North Korean attacks supported by the Chinese. An armistice was signed in 1953, splitting the peninsula along a demilitarized zone at about the 38th parallel. Thereafter, South Korea achieved rapid economic growth with per capita income rising to roughly 18 times the level of North Korea. South Korea has maintained its commitment to democratize its political processes. In June 2000, a historic first North-South summit took place between the South's President KIM Dae-jung and the North's leader KIM Chong-il.
Official Country and Macro Economics Information
GDP per capita: $10,000
Total Export and Import Volume: $314 billion
Top 5 Export items:
Semiconductor, Automobile, Wireless communications machine, Computer, Vessels structures & partsTop 5 Import items:
Crude petroleum, Semiconductor, Computer, Petroleum Products, Natural gasLeading Exporters/Importers/Freight forwarders:
Samsung Electronics Co., Ltd., LG Electronics, Hyundai Motor Company, etc.Area: 99,538 km2
Population: 48 Millions
Language: Korean
Climate: Four distinct seasons
Economic growth rate: 6.3% (change over the same month last year, March 2003)
Wholesale & Retail: -3.0% (change over the same month last year, March 2003)
Industrial Production: 4.5%(change over the same month last year, March 2003)
Consumer Prices: -0.2% (change over the previous month, April 2003)
Unemployment rate: 3.6% (March 2003)
Taxation and Customs Clearance Information
Korea Customs classifies imported goods on the basis of the Harmonized Commodity Description and Coding System (hereinafter to be referred to as Harmonized or HS system) since July 1, 1988. (Before this, CCCN was used.)
Determination of Duty Amount
There are two methods in determining duty amount: Declaration & Payment and Notice of Assessment: In the former case, a person who desires to import goods makes a declaration on payment of the customs duties, upon making a declaration of import, to the customs house. In the latter case, the customs house shall directly impose and collect customs duty. For general case, Declaration & Payment System is practiced. Notice of Assessment system is used for imposition of minor customs duty such as on passenger's and crew's goods, unaccompanied baggage and postal matters.-
Import/Export/Transhipment Regulatory Requirements
Internal Taxes levied on Import Goods
Article 4 of Customs Act prescribes that internal taxes impose on import goods such as VAT (Value Added Tax), special consumption tax, liquor tax, education tax, etc. shall be collected by the customs house along with the customs duty. It also is prescribed that additional tax and duty of the internal taxes shall be collected with those of customs duty.
The abatement or exemption is categorized as follows: Unconditional reduction or exemption from customs duty is allowed according to status of importer, international practices and courtesies, etc. Therefore there is no need for customs control of the goods exempted from duty after importation. The following provisions pertain to this category:
- exemption from customs duty for diplomats & quasi -diplomats
- exemption on goods for use of government
- abatement on deterioration or damage
- abatement for Overseas Leased Processing Goods
- exemption on goods re-imported
Conditional Abatement or Exemption Reduction or exemption from customs duty is allowed on the condition that goods are for special use during a certain period. Customs authority therefore may demands security or put restrictions on the usage at the point of importation.
The conditional abatement or exemption
fall into the following categories:
- abatement or exemption on raw materials for manufacturing vessels, etc. navigating overseas and semi-conductors manufacturing machines
- abatement or exemption for academic research, particular goods, environmental protection and factory automation, re-export
- abatement or exemption on Goods to be Re-exported Information on Starting a Business
The most important thing to start business is the selection of the enterprise. The enterprise types are specified the corporation and unincorporated private. Unincorporated private enterprise is to make a business by personal name. Corporation enterprise is to run a business by registered corporation. Above things are considered on the difference of the charge between income tax and corporation tax, a boundary of the responsibility and so on.Related Government Agencies
Trade and Logistics Activities
Chambers & Associations
Other Government Agencies
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