You are on page 1of 28

COUNTRY

CASE OF STUDY:
SOUTH KOREA

International Economics
Thomas Goda
EAFIT
2015

Content Table

Introduction to South Korea ............................................................................................. 3

The history of a developed country ................................................................................ 3

South Koreas important facts .......................................................................................... 4

South Korean economy ....................................................................................................... 6

Business in South Korea ................................................................................................... 16

South Korean Trade Agreements .................................................................................. 19

Relationship with Colombia ............................................................................................ 21

Conclusions ........................................................................................................................... 25

References ............................................................................................................................. 26

Introduction to South Korea



The Republic of Korea is a small country on the far eastern edge of Asia.
Although it ranks 109th in the world in terms of land area, the country is a
center of economic activity, culture and arts. Korea was colonized by Japan in
the early 20th century and later had to endure the Korean War (1950-53).
Today, South Korea is an industrial nation standing tall on the world stage. Its
semiconductor, automobile, shipbuilding, steel making, and IT industries are on
the leading edge in global markets. It hosted the 1988 Seoul Olympics and the
2002 Korea-Japan FIFA World Cup. Korea's new standing in the international
community was highlighted in 2010 with the nation becoming the first Asian
country to chair the G20 and host the G20 Seoul Summit.

The history of a developed country


After being colonized by Japan for several years and having an independence
movement to achieve autonomy, Korea got its independence on August 15,
1945, once Japan surrendered in the Pacific War. Subsequently, the political
tendencies between north and south with communist and democratic
tendencies respectively separated society apart, generating the division of
Korea in 1948, into two different countries: Republic of Korea and Democratic
Peoples Republic of Korea. (KOREA.net, 2015a)
Afterwards, with the support of China and the Soviet Union, in 1950, North
Korea invaded South Korea, starting Korean War, in which UN and United
States ended up supporting South Korea. This war lasted three years, and let
South Korea as one of the poorest countries in the world with almost all
industrial facilities destroyed. (KOREA.net, 2015b)
During the following years, South Korea was characterized by its political
instability. But, after a military rule, Park Chung-hee was elected president and
with his 5-year economic development plan, achieved fast economic growth of

the country, which was called The Miracle of the Hangang River. (KOREA.net,
2015c)
After the governance of this president, the following leaders helped
continuously improve South Korean economy and society; actual president, Ms.
Park Geun-hye, presented a new vision for the country, consisting on national
development and people happiness. (KOREA.net, 2015c)
South Korean economic growth principally was produced due to the
effectiveness of state intervention by the industrial policy executed, which was
characterized for promoting exports and protecting domestic market producers,
and its (Jenkins, 1991):

Flexibility:

the

Government

changed

policies

depending

on

their

effectiveness.

Selectivity: the policies favored particular industries and companies.

Coherence: among economic goals, policies and strategies.

Emphasis on promotion rather than regulation of an industry.

Autonomy: from the Government with dominant class.

Over the past sixty-five years (1948-2013), the country has transformed itself
from one of the most impoverished countries in the world to an economic
powerhouse and an exemplar of free democracy. This process may be viewed
as a unique example in world history. KOREA.net (2015c)

South Koreas important facts


The capital and largest city of South Korea is Seoul, with a population of
9.736 million persons. Other major urban areas are Busan with 3.237 million
people, Incheon with 2.659 million people, and Daegu with 2.25 million people.

South Korea has a population of 50.2 millions with an annual growth rate of
o.4% during 2013. According to the OECD (2014), young population has
decreased significantly as it went from 42.5% of the total population in 1970 to
14.7% in 2013; and has a working age population of 73.1% of the total
population, witch is high compared with the world average (66.29%). The
employment rate, compared to OECD rate, is presented in the table below.
Graph 1

Employment Rate
65,8
65,7
65,6
65,5
65,4
South Korea

OECD Total

Compiled by authors. Retrieve from OECD (2014).

South Korean average wage is USD 36.354 annually, which is lower than
wages of other developed countries as Australia and Belgium.
Table 1
Country

Wage

Australia

USD 50.449

Austria

USD 45.199

Belgium

USD 48.082

Canada

USD 46.911

Czech Republic

USD 20.338

South Korea

USD 36.354

Compiled by authors. Retrieve from OECD (2014).

The main religions practiced by the population are Christian (31.6%), Buddhist
(24.2%), other or unknown (0.9%), and none (43.3%), according to a survey
made by South Korean government on 2010.

On the issue of migration, South Korea doesnt have high numbers, compared
to high-migration countries as U.S.A., as it has shown a permanent immigrant
inflow of 1.000 people. A comparison between South Korea and U.S.A. is made
in the graph below.
Graph 2

Permanent
immigrant inflows
80000
60000
40000
20000
0
South Korea

USA

Compiled by authors. Retrieve from OECD (2014).

Finally, South Koreas main natural resources are coal, tungsten, graphite,
molybdenum and lead.

South Korean economy


South Korea is a high-income country, based on an open market economy
system, with a GDP of USD 1.305 trillion, a GDP per capita of USD 25.977 and
a GNI per capita of USD 33.360 for 2013, according to data of The World Bank
(2014).
Since Korean War, the economic growth of South Korea has been exceptional,
so impressive that it has been called The Miracle of the Hangang River as it
changed from being one of the poorest countries in 1950s to be a developed
country, in less than 50 years.

South Korean economy is based on an export-oriented economic structure,


ranking the sixth position on the world-exporter list, with USD 828 billions in
exports, representing about 50.8% of its GDP, according to The World Factbook
(2015).
This economic structure has leaded them to their actual position in world
economy. Even though, the same structure that has given them their economic
power, has also threaten their wealth: in 1997, a foreign exchange crisis
seriously affected South Korean economy, forcing them to ask for assistance to
the IMF. However, it took only two years to South Korea to achieve the same
economic growth and price levels, demonstrating how strong and stable their
economy could be (KOREA.net, 2015b). Another affectation in South Korean
economy growth was the world financial crisis, as it can be seen in the Graph 3.
According to OECD Economic Outlook (2015), South Korean economic growth
is expected to achieve rates of 3.8% for 2015 and 4.1% for 2016; higher than
average OECD members, as shown in the graph below:
Graph 3

GDP growth
12%
10%
8%
6%
S. Korea

4%

OECD

2%
0%
-2%

1990

1994

1998

2002

2006

2010

2014

-4%
-6%
-8%
Compiled by authors.
Retrieve from OECD Economic Outlook (2015) and The World Bank (2014).

In actual South Korean export-oriented economic structure, the five leading


export items for the last decade have been semiconductors, petroleum
products, cars, ships and liquid crystal devices (KOREA.net, 2015b). In despite
of the importance of these products, the main economic sector of South Korea
is services, related to the composition of GDP for 2014, as shown in the
following graph.
Graph 4

GDP composition by sectors


Agriculture
2%

Services
59%

Industry
39%

Compiled by authors. Retrieve from The World Factbook (2015).

South Koreas main agriculture products are rice, roots, barley, vegetables,
fruits, cattle, pigs, chicken, milk, eggs, and fish, being the rice the most
important product, as it represents 90% of the agriculture GDP. On the other
hand, main industrial products are produced in industries as electronics,
telecommunications, automobile, chemical, shipbuilding and steel. Finally, the
most important services made in South Korea are related to information
technology and videogames. (KOREA.net, 2015d; The World Factbook, 2015)
South Korean consumer prices are characterized to maintain quite stable and
above 5% of inflation, during the last 10 years, as shown in the Graph 5.
Specifically, along this period, there was an increase in prices due to the
economic crisis of 2008, achieve its highest level of 4.7%.

Graph 5

Inflation
0,05
0,045
0,04
0,035
0,03
0,025
0,02
0,015
0,01
0,005
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Compiled by authors. Retrieve from The World Factbook (2015).

During the last 10 years, South Koreas interest rate has fluctuated according to
Government policies and economical conjunctures. In this way, the highest
interest rate took place in 2006 with 6.1%, and the lowest took place three
years later (2009) with 2%. The following graph shows the evolution of the
interest rate in the last 10 years.
Graph 6

Interest rate
0,07
0,06
0,05
0,04
0,03
0,02
0,01
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Compiled by authors. Retrieve from The World Bank (2015).

Finally, for analyzing South Korean Balance of Payments, it is important to


evaluate before the exchange rate. Actually, the exchange rate of South Korean
Won is around SKW 1.084 for USD 1, representing devaluation of the SKW
during the last year:
Graph 7

SKW exchange rate


1140
1120
1100
1080
1060
1040
1020
1000
980
960

Compiled by authors. Retrieve from Bloomberg (2015).

South Korean Balance of Payments is summarized in the table below.


Table 2

Current account
Goods
Exports
Imports
Services
Manufacturing
Transport
Travel
Construction
IP
Other
Primary income
Compensation emp.
Investment income
Income equity
Interest income
Secondary income

$894.20
$928.90
$6,215.40
$5,286.60
$-81.60
$-55.00
$37.50
$-53.20
$138.40
$-52.20
$-105.90
$102.00
$-4.10
$106.10
$49.10
$57.10
$-55.00

Financial account
Direct investment
Assets
Liabilities
Portfolio investment
Assets
Equity sec.
Debt sec.
Liabilities
Equity sec.
Debt sec.
Financial derivatives
Other investment
Loans, assets
Loans, liabilities
Currency and deposits
Reserve assets
Capital account

$-903.80
$-206.60
$-305.60
$99.00
$-336.10
$-428.70
$-165.70
$-263.00
$92.60
$66.90
$25.70
$37.00
$-219.40
$-87.50
$94.30
$-170.60
$-178.90
$-0.10

Compiled by authors. Retrieve from The Bank of Korea (2015).

As showed above, South Korea has a positive current account and a negative
financial and capital account. When analyzing current account, specifically
goods account, there is a surplus of exports over imports, generating the major
part of the positive current account. On the other hand, the financial account
has a representative negative direct and portfolio investment, as Koreans invest
in other countries more than they are invested on. Finally, the capital account
doesnt have much importance in the overall Balance of Payments, probably
because it has low migration and direct investment.
As said before, South Korea has an export-oriented economy, representing
more than 50% of its GDP, with a total amount of USD 573.091.134 of exports
for 2013. As referred, the main products for export are semiconductors,
petroleum products, cars, ships and liquid crystal devices, and the main sectors
of exports are electronic equipment (24%), vehicles other than railway (13%),
machinery (11%), fuel and oil products (9%), and ships, boats and others (7%);
while the main services exported were services (13%), commercial services
(9%) and transport (4%), as shown in Graph 8.
Graph 8

South Korean exports by product - 2014


Plastics and
articles
4%

Medical, etc.
apparatus
4%

Other
goods
17%

Transport
4%

Electronic
equipment
17%

Services
13%

Ships, boats
and other
Fuels and oils
5%
6% Machinery
8%

Commercial
services
Vehicles other
13%
than railway
9%

Compiled by authors. Retrieve from The Trade Map (2015).

Comparing the information presented with the exports of 2005, which ascended
to USD 284.418.167, it is found that South Korean economy has the same main
exporting sectors but it is diversifying its efforts as, nowadays, each sector less
participation on exports than in 2005, as shown in the graph below.
Graph 9

South Korean exports by product - 2005


Iron and steel
3%

Plastics
and articles
4%
Fuels and oils
4%
Ships, boats
and other
4%

Electronic
Other goods
equipment
17%
20%
Services
12%

Transport
6%
Vehicles other
than railway
9%

Commercial
services
Machinery
12%
9%

Compiled by authors. Retrieve from The Trade Map (2015).

In relation to exports, South Korean government is looking for continue


diversifying

export

products

focusing

on

first-rate

quality

goods,

as

semiconductors, seawater desalination machines, flash memory, and others;


and information technology products and services, as computer software and
communication devices (KOREA.net, 2015d).
Finally, the countries that South Korea exports the most are China (25%), USA
(12%), Japan (6%), Hong Kong (5%) and Singapore (4%), showing the strong
economic relationship between South Korea and China, U.S.A. and Japan.

Graph 10

South Korean exports by country - 2014


China
USA
Japan
25%

Hong Kong

35%

Singapore
Viet Nam
12%

2%
2%
2%
6%
3%4%
4% 5%

Taipei
India
Indonesia
Mexico
Other

Compiled by authors. Retrieve from The Trade Map (2015).

Generating a positive current account in the Balance of Payments, South


Korean imports ascend to USD 869.567.945 for 2014. The main goods
imported by South Korea were fuels and oils (24%), electronic equipment
(10%), machinery (7%), and iron and steel (3%), while the main services
imported were commercial services (15%), transport (4%) and travel (3%).
Graph 11

South Korean imports by product Other


2014

services
7%
Ores, slag
and ash
2%

Medical, etc.
apparatus
2%
Iron and
steel
Travel
3%
3%

Other
products
23%

Transport
4%

Fuels
and oils
24%

Commercial
services
15%

Electronic
Machinary equipment
7%
10%

Compiled by authors. Retrieve from The Trade Map (2015).

Comparing this information with the imports registered during 2005, which
ascended to USD 440.084.783, it can be found that, in general, South Korea
still consuming the same goods and services with similar participation in
imports, except for the consumption of fuels and oils that has increased, gaining
a participation from 16% to 24%, probably due to the production of new goods
that have fuel and oil as raw materials.
Graph 12

South Korean imports by product - 2005

Fuels and
oils
Other goods
16%
21%
Services
14%

Medical, etc.
apparatus
3%
Travel
4%

Iron and steel


4%
Transport
5% Machinery
7%

Commercial
Electronic services
14%
equipment
12%

Compiled by authors. Retrieve from The Trade Map (2015).

The importance of fuel and oil as raw materials can be evidence with the
importer countries as well, with the presence of countries that are known for
their oil exports, as Saudi Arabia and Qatar. For imports, South Korea has
important relationships with China, Japan and U.S.A., having a positive current
account with all of them.

Graph 12

South Korean imports by country - 2014


China
Japan
USA

17%

Saudi Arabia
35%

Qatar
10%
U.S.A.
9%

3%
3%
7%
3%
4% 4% 5%

Germany
Australia
Kuwait
U.A. Emirates
Taipei
Others

Compiled by authors. Retrieve from The Trade Map (2015).

For doing business in South Korea, another important variable to consider is


Foreign Direct Investment. South Korea promotes FDI with the Foreign
Investment Promotion Act, in which the government offers benefits to investors,
as tax incentives, cash support and special land regulations (KOREA.net,
2015b). Nowadays, South Korean FDI policy is focused on getting support to
achieve its nation objectives, which are reaching USD 2 trillion on export/import
volume, and becoming the major logistic hub of Northeast Asia (KOREA.net,
2015e). The evolution of FDI since 2005 is shown in the graph below.

Graph 13

South Korean FDI


$16.000,00
$14.000,00
$12.000,00
$10.000,00
$8.000,00
$6.000,00
$4.000,00
$2.000,00
$2005 2006 2007 2008 2009 2010 2011 2012 2013
Data presented on million dollars.
Compiled by authors. Retrieve from The World Bank (2014).

Business in South Korea


The first step in this case is to analyze South Korean environment for business
and economy atmosphere. The country is positioned in the rank 5 on the ease
of doing business in the world, according to Doing Business (2015). For most of
the countries is useful knowing where their economy stands in the aggregate
ranking on the ease of doing business and knowing how it ranks relative to
comparator economies and relative to the regional average.

Graph 14

Ease of doing business


India
Brazil
China
Japan
Regional Average ( OECD)
Australia
South Korea
Singapore
0

10

20

30

40

50

60

70

80

90

100

Compiled by authors. Retrieve from Doing Business (2015).

According to many parameters that matter at the moment of doing business


with South Korea, there are some points to take into account carefully: in the
following graph its possible to appreciate the importance of each pint for the
South Koreans:
Image 1

Retrieve from Doing Business (2015).

The Starting a Business Indicators measure:

Procedures to legally start and operate a company: preregistration (for


example, name verification or reservation, notarization), registration in the
economys largest business city, and post registration (for example, social
security registration, company seal). (The World Bank Group,2015)

Time required completing each procedure: it doesnt include time spent


gathering information. Each procedure starts on a separate day and
procedures that can be fully completed online may take half a day.
Procedure completed once final document is received, and no prior contact
with officials. (The World Bank Group,2015)

Cost required completing each procedure: it counts official costs only, so no


professional fees unless services required by law.

Paid-in minimum capital: deposited in a bank or with a notary before


registration (or within 3 months). (The World Bank Group,2015)

According to data collected by Doing Business, starting a business in South


Korea requires three procedures that takes four days, costs 14.5% of income
per capita, and requires no paid-in minimum capital, as it is shown in the
following image. (The World Bank Group,2015)
Image 2

Retrieve from Doing Business (2015).

In the following table, it is presented a summary of time, costs and procedures


needed for starting a business in South Korea.
Table 3

No.

Procedure

Time to complete

Make Company Seal

1 day

Register the company with Start-Biz; pay 3 days


the corporate registration tax bill and
incorporation fee

Pay the fees for the Public Health Less than one day
Insurance

Program,

the

National (online

procedure,

Pension Fund, Employment Insurance, simultaneous

with

and Industrial Accident Compensation previous procedure)


Insurance
Compiled by authors. Retrieve from Doing Business (2015).

South Korean Trade Agreements


Since the world has started with establishment of the Free Trade Agreement
Roadmap in 2003, South Korea has actively pursuing those agreements with its
key trading partners. So far, it has signed Free Trade Agreements with Chile,
Singapore, EFTA, ASEAN, India and Peru, EU and U.S.A. entered into force.
The South Korea-U.S.A. FTA was signed in June 2007 followed by an
agreement in December 2010. On March 15, 2012, the KORUS (Korea-U.S.)
Free Trade Agreement entered into effect. In particular, on November 28, 2012,
the launch Korea-China-Japan Free Trade Agreement and RCEP negotiations
were officially announced. In this way, South Korea is doing FTA with its most
important trade partners.
Korea is currently negotiating Free Trade Agreements with GCC, Australia, New
Zealand, Colombia, Canada, Turkey, Mexico and China.

Finally, Korea is conducting preparation talks or joint research projects with


prospective Free Trade Agreement partners including Japan, MERCOSUR,
Israel, Vietnam, Central-America, Malaysia and Indonesia. The following tables
summarize South Korean FTAs.
(Ministry of Foreign Affairs)
Table 4

Free Trade Agreement in effect


South Korea Chile
South Korea Singapore
South Korea EFTA
South Korea ASEAN
South Korea India
South Korea EU
South Korea Peru
South Korea - US
Compiled by authors, retrieve from (Ministry of Foreign Affairs)

Table 5

Concluded Free Trade Agreement


South Korea Tukey
South Korea - Colombia
Compiled by authors, retrieve from (Ministry of Foreign Affairs)

Table 6

Free

Trade

Agreement

Negotiation
South Korea Canada
South Korea Mexico
South Korea GCC
South Korea Australia
South Korea New Zeeland
South Korea China
South Korea - Vietnam
South Korea Indonesia

Under

South Korea China. Japan


RCEP

(Regional

Comprehensive

Economic Partnership)
South Korea - Japan
Compiled by authors, retrieve from (Ministry of Foreign Affairs)

Table 7

Free trade Agreement


South Korea MERCOSUR
South Korea ISRAEL
South Korea Central America
South Korea - Malaysia
Compiled by authors, retrieve from (Ministry of Foreign Affairs)

Relationship with Colombia


In recent years Colombia has shown a change and openness in its trade policy,
increasing its interest in expanding its trade relations with other countries and
other continents. Colombia is betting on diversifying its exports through the
realization of free trade agreements with countries in continents such as Asia.
And his first attempt to establish a business relationship with the Asian
continent is the FTA with South Korea.
The trade relations between Colombia and South Korea have been increasing
in the last 12 years. Imports from South Korea to Colombia increased from USD
200 million FOB to USD 1.200 million FOB; those consist basically on
automotive products, machinery and equipment. On the side of exports from
Colombia to South Korea they increased from USD 50 million FOB to USD 335
million FOB in 2012, consisting mainly on coffe, coal and ferronickel.
Free Trade Agreement between Colombia and South Korea is currently in
approval by the two participating countries, and basically is treaty for trade in
Colombia for the following reasons:

- Diversification of markets: it would be the first treaty with an Asian country.


- Encourage of trade relations with countries of this continent, encouraging
the negotiation of FTAs with Japan and Singapore
- Elimination of tariffs on Colombian products would make them more
competitive in this market and increase exports of agricultural and industrial
products.
- Increase of investment in Colombia
- Improved access to raw materials and supplies from Korea Quality
- Increased cooperation links for technology transfer
- Used as a laboratory for Colombian companies learn about the Asian
market and how to potentiate this market.
- Colombia for several years are interested in joining the Forum of Asia Pacific
Economic Cooperation (APEC) which are members of 21 economies, and
an FTA with Colombia would bring this group of countries.
(Oportunidades Comerciales en COREA, Proexport Colombia, 2012)

Graph 15

Exports to South Korea from Colombia


Chemical
products
2%

Derivatives of
coffee
2%

Coal
3%

Fuels and oils


16%

Coffe
37%
Ferronickel
16%
Metallurgy
24%

Compiled by authors. Retrieve from ProColombia (2013).

Graph 16

Exports to Colombia from South Korea

Others
21%

Home articles
3%

Vehicles
45%

rims and tires


4%
Articles of iron
6%
Automotive
parts
Industrial
5%
machinery
7%

Plastic
9%

Compiled by authors. Retrieve from ProColombia (2013).

Finally, the conditions of access of the FTA between Colombia and South
Korea, are summarized in the table 8:
Table 7

Conditions of access

Conditions of access

Colombia

South Korea

98% of industrial property shall be

According to Colombian imports from

exempt

Korea in 2011:

from

tax

for

the

implementation of the treaty.


-

The remaining 2% will be exempt


in maximum five years.

Free tax for green coffee.

Coffee preparations: 2 and 3

26%

will

be

tax-free

on

the

implementation of the FTA.


-

Terms of tariff reduction and some


agricultural goods:

18% will be tax-free five years after


the implementation of the FTA.

6% will be tax-free after 7 years


implementation of the FTA.

44% will be tax-free 10 years after

years.

the implementation of the FTA

Flowers (roses, chrysanthemums,

(cars, trucks and some household

carnations): 3 to 5 years.

products).

Bananas: 5 years.

Fruits: 5, 7, and 10 years.

The remaining 3% will be tax-free


12 years after the implementation of

Vegetables: 5, 7, and 10 years.

the FTA.

Snuff: 10 years.

Cigarettes: terms of 10 and 15

will

years.

implementation of the FTA

Sugar and ethyl alcohol 16 years.

Ethanol: 5 years.

Meat: 19, by appointment of the

95% of Korean agricultural products


be

first year; 9,900 tons and a 2%


annual increase for fine cuts.
-

Pork: 10 and 16 years.

Poultry: 10, 12 and 16.

Dairy products:

Cheese,

creme

caramel,

skim

milk: 10 and 16 years.


-

Dairy beverage immediately.

Milk powder: 100 fixed fee.


Compiled by authors. Retrieve from ProColombia (2012).

duty-free

on

the

Conclusions
As a first conclusion, we can say that overall imports from South Korea made by
Colombia have increased over the years and particularly since the last three
years, the country has increased its imports since 2010, even though there was
a drop in imports in 2012 could be due to macroeconomic factors countries.
The products generally more imported by Colombia in the last three years were:
Vehicles and vehicle parts except railways and trams. Also Industrial machinery
including computers, plastics, appliances, cellphones and Polyethylene.
It could be said that could be good for Colombia to export to South Korea
because this country is the sixth in the world, and they use many imported raw
materials, thats why Colombia is an attractive economy, which generates many
raw materials at the moment, for this reason could be a great opportunity for
Colombia to generate more exports, and better relations with the southern
Koreans industries.
Also, South Korea consume large amounts of oil, and one of the main products
of Colombian export is oil, this could be an important trading point between the
two nations.
Overall, South Korea is a country that is more capital intensive, while Colombia
is more labor intensive. Both exporting different products, which could be a
differential relative to FTAs that Colombia has already signed, since they
produce mostly different products, the FTA could be advantageous for both
countries, enabling Colombia to its two main objectives, that are access to new
markets and attracting foreign investment.

References
Independence

movement.

(2015a).

KOREA.net.

Retrieve

from:

http://www.korea.net/AboutKorea/History/Independence-Movement
The Korean economy the miracle on the Hangang River. (2015b).
KOREA.net. Retrieve from: http://www.korea.net/AboutKorea/Economy/TheMiracle-on-The-Hangang
Transition to a democracy and transformation into an economic powerhouse.
(2015c).

KOREA.net.

Retrieve

from:

(http://www.korea.net/AboutKorea/History/Transition-DemocracyTransformation-Economic-Powerhouse)
Industrial brand leaders and Korean industrial standards. (2015d). KOREA.net.
Retrieve

from:

http://www.korea.net/AboutKorea/Economy/Industrial-Brand-

Leaders-Korean-Industrial
Koreas open market capitalist economy. (2015e). KOREA.net. Retrieve from:
http://www.korea.net/AboutKorea/Economy/Koreas-Open-Market-CapitalistEconomy
Jenkins, R. (1991). The political economy of industrialization: a comparison of
Latin American and East Asian newly industrialized countries. Development and
Change, 22, 197-231.
Featured

indicators.

(2014).

The

World

Bank.

Retrieve

from:

http://data.worldbank.org/country/korea-republic
The World Factbook. (2015). Central Intelligence Agency. Retrieve from:
https://www.cia.gov/library/publications/the-worldfactbook/rankorder/2078rank.html

Compare your country. (2015). OECD Economic Outlook. Retrieve from:


http://www.compareyourcountry.org/oecd-economicoutlook?cr=oecd&lg=en&page=0
List of products imported by Republic of Korea. (2015). ITC - Trade Map.
Retrieve from: http://www.trademap.org/Product_SelCountry_TS.aspx
List of products exported by Republic of Korea. (2015). ITC - Trade Map.
Retrieve from: http://www.trademap.org/Product_SelCountry_TS.aspx
List of importing markets for a product exported by Republic of Korea. (2015).
ITC

Trade

Map.

Retrieve

from:

http://www.trademap.org/Country_SelProductCountry_TS.aspx?nvpm=1%7C41
0%7C%7C%7C%7CTOTAL%7C%7C%7C2%7C1%7C1%7C2%7C2%7C1%7C
2%7C1%7C1

List of supplying markets for a product imported by Republic of Korea. (2015).
ITC

Trade

Map.

Retrieve

from:

http://www.trademap.org/Country_SelProductCountry_TS.aspx?nvpm=1%7C41
0%7C%7C%7C%7CTOTAL%7C%7C%7C2%7C1%7C1%7C2%7C2%7C1%7C
2%7C1%7C1
Balance of Payment during December 2014. (2015). The Bank of Korea.
Retrieve

from:

http://www.bok.or.kr/contents/total/eng/boardView.action?menuNaviId=634&bo
ardBean.brdid=15282&boardBean.menuid=634
US Dollar South Korean Won Exchange rate. (2015). Bloomberg. Retrieve
from: http://www.bloomberg.com/quote/USDKRW:CUR
Doing Business: Going Beyond Efficiency Korea, Rep.The World Bank Group.
(2015) Retrieve from: http://espanol.doingbusiness.org/

Oportunidades Comerciales en COREA. Proexport Colombia. ( 2012). Retrieve


from: http://www.procolombia.co/
Ministry of Foreign Affairs. (n.d.). FTA status of Rok. Retrieved Mayo 15, 2015, from
http://www.mofa.go.kr/ENG/policy/fta/status/overview/index.jsp?menu=m_20_
80_10