Korea’s import market has rapidly grown along with its export market. As Korea’s economy has progressed, its import volume reached over $436.5 billion in 2015 from merely ＄1 billion in 1968. The nation’s import market has shown a double digit growth rate consecutively since 2003. Korea is focusing more on the import sector to establish a healthier economic structure.
The Korean government carries out programs to establish advanced trade infrastructures and to increase the number of its overseas trade partners. The government heavily invests in the green industry. As the world’s 8th largest energy-consuming country, Korea declared “Low Carbon, Green Development” as its national vision. In this context, Korea’s import market will offer more opportunities to foreign business partners by riding the “Green” trend.
Currently the Korean government is actively pursuing Free Trade Agreements (FTAs). Korea has FTAs with 53 countries including US, China, EU, India, Australia, and etc. Korea is also seeking a Korea-China-Japan FTA, RCEP, Central America