Farm development South Korea was largely determined by the expansion of its foreign economic relations, the most important place among which was occupied by foreign trade.

In the 60-80s, the pace of foreign trade was 1.5-4.0 times higher than the growth rate of GDP. So, in the 60s average annual export growth was 33.4%, in the 70s - 39.8, in the 80s - 14.5, in 1990-1994. - 10%. The rapid growth of foreign trade was the result of the influence of various factors and conditions, including foreign trade policy, on the process of forming and expanding the country's export potential. South Korea is not a free trade country. The government, playing a dominant role in the economy, exercises direct and indirect control in foreign economic relations. Until recently, foreign trade policy was essentially a system of protectionist methods for developing exports and licensing imports. Since the beginning of the 60s, a system of strict dependence of import volumes on the size of export revenues was introduced. According to this, companies received the right to import goods whose value did not exceed the export earnings of these companies. Unlike consumer goods, imports of equipment and intermediate goods were exempt from any duties and enjoyed preferential tariffs. The exception was materials, the production of which had been developed to some extent.

Currently, South Korea ranks among the world's leading producers of consumer electronics. Now in the country, as well as throughout the world, there is a tendency to switch to digital technologies, which increases the demand for products such as digital TVs, DVDs, MP3 players. Largest companies in the industry - LG, Samsung, as well as Hynix. They produce almost the entire range of consumer electronics, most of which are exported.

Telecommunications equipment produced by South Korean companies is primarily cell phones, although other segments are also well developed. This is due to both the large volume of the domestic market (more than $43 billion in 2007) and the high demand for South Korean products abroad.

Figure 1. South Korea's share of global semiconductor production

Rapid economic growth was facilitated by the rapid increase in foreign trade volumes (see Table 3)

As can be seen from this table, South Korea is very quickly increasing trade turnover with its neighbors. At the same time, progress in relations with China is especially noticeable. For the period from 2004 to 2008. Exports to China increased by more than 1.6 times, and imports by 2.2 times. The growth rate of trade with Japan is lower, but still significant. Thus, the growth of exports to Japan in 200-2008. amounted to more than 20%, and imports - more than 30%.

The structure of foreign trade turnover in exports is presented in Figure 2.

Figure 2. South Korea's main export partners in 2008

As can be seen from this figure, the main four foreign trade partners of South Korea account for almost 50% of the total turnover. It is noteworthy that Japan's share is lower than that of the United States, which is due to the fact that these countries use similar business models for operating in the US market.

Figure 3. South Korea's main import partners in 2008

For a fraction of five largest countries– import partners, accounting for 55% of all trade. At the same time, the share of two countries – Saudi Arabia and the UAE, whose main items are energy resources, is only 10%.

Table 4.

Commodity structure of exports (million won)

Analyzing the table, we can come to the conclusion that currently South Korean exports largely depend on global demand for semiconductors and telecommunications equipment. Since 2000, demand in these sectors has been steadily growing, which is associated with the rapid development of the computer industry. According to data from 2004 to 2007, exports of goods in this category almost doubled. At the same time, exports of shipbuilding and metallurgy have a steady downward trend.

Table 5.

Dynamics of foreign trade turnover of South Korea, billion dollars.

Export to Country's GDP is still very large, accounting for 39% at the end of 2008, which indicates a limitation of domestic demand for goods in favor of exports.

The import of technology is of particular importance for South Korea. An example here is the energy industry, in particular - nuclear power.

During 1970-2018 South Korea's imports at current prices increased by $635.2 billion (334.4 times) to $637.1 billion; the change occurred by $1.1 billion due to a population increase of 19.0 million, as well as by $634.1 billion due to an increase in per capita imports of $12,392.7. The average annual growth in South Korea's imports was $13.2 billion, or 12.9%. The average annual growth in South Korean imports in constant prices is 10.0%. The world share increased by 2.1%. The share in Asia increased by 3.6%. The minimum import was in 1970 ($1.9 billion). The maximum import was in 2012 ($656.7 billion).

During 1970-2018. Imports per capita in South Korea increased by $12,392.7 (210.3 times) to $12,451.9. The average annual increase in imports per capita at current prices was $258.2 or 11.8%.

The change in South Korea's imports is described by a linear correlation-regression model: y=14.1x-27,930.5, where y is the estimated value of South Korea's imports, x is the year. Correlation coefficient = 0.905. Coefficient of determination = 0.82.

South Korean imports, 1970-2012 (growth)

For 1970-2012 South Korea's imports at current prices increased by $654.8 billion (344.7 times) to $656.7 billion; the change occurred by $1.1 billion due to a population increase of 17.8 million, as well as by $653.7 billion due to an increase in per capita imports of $13,086.4. The average annual growth in South Korea's imports is $15.6 billion, or 14.9%. The average annual growth in South Korea's imports at constant prices was 11.0%. The world share increased by 2.5%. The share in Asia increased by 4.7%.

For 1970-2012 Imports per capita in South Korea increased by $13,086.4 (222.0 times) to $13,145.7. The average annual increase in imports per capita at current prices was $311.6 or 13.7%.

South Korea imports, 2012-2018 (decline)

During 2012-2018. South Korea's imports at current prices decreased by $19.6 billion (3%) to $637.1 billion; the change occurred by $15.9 billion due to a population increase of 1.2 million, as well as by -$35.5 billion due to a drop in imports per capita by $693.8. The average annual increase in South Korean imports amounted to -3.3 billion dollars or -0.50%. The average annual growth in South Korean imports at constant prices was 3.3%. The world share decreased by 0.35%. The share in Asia decreased by 1.1%.

For 2012-2018 Imports per capita in South Korea increased by $693.8 (5.3%) to $12,451.9. The average annual increase in imports per capita at current prices was -$115.6 or -0.90%.

South Korean imports, 1970

South Korea import in 1970 it was equal to 1.9 billion dollars, ranked 37th in the world and was at the level of imports of Congo ($2.0 billion), imports of Argentina ($2.0 billion), imports of Greece ($2.0 billion), imports of Portugal ($2.0 billion), imports of Ireland ($1.8 billion). South Korea's imports were $0.88 billion higher than South Korea's exports, and the trade surplus amounted to 9.5% of South Korea's GDP. South Korea's share of imports in the world was 0.49%.

In 1970, it was equal to 59.2 dollars, ranked 134th in the world and was at the level of imports per capita in the Central African Republic (62.8 dollars), imports per capita in Ecuador (61.3 dollars), imports per capita in Morocco (60.8 dollars) ), imports per capita in Syria ($57.7), imports per capita in Bolivia ($56.0), imports per capita in Sierra Leone ($55.5). South Korea's per capita imports were $45.1 less than the world's per capita imports ($104.3).

Comparison of imports between South Korea and its neighbors in 1970. South Korea's imports were 4.7 times greater than North Korea's imports ($0.4 billion), but were 90.3% less than Japan's imports ($19.6 billion). Imports per capita in South Korea were greater than imports per capita in North Korea($32.0) by 84.9%, but was less than per capita imports in Japan ($186.5) by 68.2%.

Comparison of South Korea's imports and leaders in 1970. South Korea's imports were less than US imports ($55.8 billion) by 96.6%, German imports ($35.8 billion) by 94.7%, UK imports ($27.4 billion) by 93.1%, French imports ($22.9 billion dollars) by 91.7%, Japanese imports (19.6 billion dollars) by 90.3%. Imports per capita in South Korea were less than imports per capita in the UK ($492.7) by 88%, imports per capita in Germany ($455.5) by 87%, imports per capita in France ($440.4) by 86.6%, imports per capita in the USA ($266.0) by 77.7%, imports per capita in Japan ($186.5) by 68.2%.

South Korea's import potential in 1970. With imports per capita at the same level as the UK's imports per capita ($492.7), South Korea's imports would be $15.9 billion, 8.3 times the actual level. With per capita imports at the same level as Japan's best neighbor ($186.5), South Korea's imports would be $6.0 billion, 3.1 times the actual level. With per capita imports at the same level as the world's per capita imports ($104.3), South Korea's imports would be $3.4 billion, 76.2% more than the actual level.

South Korean imports, 2012

South Korea import in 2012 amounted to 656.7 billion dollars, ranking 7th in the world. South Korea's imports were $34.9 billion less than South Korea's exports, and the trade deficit was equal to 2.7% of South Korea's GDP. The share of South Korea's imports in the world was 3.0%.

Imports per capita in South Korea in 2012 was equal to $13,145.7, ranked 42nd in the world and was at the level of imports per capita in Kuwait ($13,470.2), imports per capita in the Bahamas ($13,291.0), imports per capita in Turks and Caicos ($13,141.5), imports per capita in the UK ($13,112.7), imports per capita in Anguilla ($13,082.6), imports per capita in the Seychelles ($12,726.9), imports per capita in France ($12 440.9 dollars). South Korea's per capita imports were $10,032.7 higher than the world's per capita imports ($3,112.9).

Comparison of imports between South Korea and its neighbors in 2012. South Korea's imports were 370.4 times greater than North Korea's ($1.8 billion) but were 34.2% less than Japan's ($998.2 billion). Imports per capita in South Korea were greater than imports per capita in Japan ($7,772.5) by 69.1%, imports per capita in North Korea ($71.7) by 183.4 times.

Comparison of imports of South Korea and leaders in 2012. South Korea's imports were less than US imports ($2,759.9 billion) by 76.2%, Chinese imports ($1,943.2 billion) by 66.2%, German imports ($1,418.2 billion) by 53.7%, imports Japan ($998.2 billion) by 34.2%, UK imports ($842.5 billion) by 22.1%. Imports per capita in South Korea were greater than imports per capita in the UK ($13,112.7) by 0.25%, imports per capita in the US ($8,807.9) by 49.2%, and imports per capita in Japan ($7,772.5). dollars) by 69.1%, imports per capita in China ($1,413.0) by 9.3 times, but were less than imports per capita in Germany ($17,494.8) by 24.9%.

South Korea's import potential in 2012. With per capita imports at the same level as Germany's per capita imports ($17,494.8), South Korea's imports would be $873.9 billion, 33.1% higher than actual levels.

South Korean imports, 2018

South Korea import in 2018 was equal to 637.1 billion dollars, ranked 10th in the world and was at the level of imports of the Netherlands (670.3 billion dollars), imports of India (657.0 billion dollars), imports of Italy (603.7 billion dollars). South Korea's imports were $79.2 billion less than South Korea's exports, and the trade deficit amounted to 4.6% of South Korea's GDP. The share of South Korea's imports in the world was 2.6%.

Imports per capita in South Korea in 2018 was equal to $12,451.9, ranked 51st in the world and was at the level of imports per capita in France ($13,219.8), imports per capita in Hungary ($13,128.1), imports per capita in Brunei (13 $116.1), imports per capita in the Bahamas ($12,842.0), imports per capita in Anguilla ($12,773.3), imports per capita in Israel ($12,722.3), imports per capita in the Cook Islands ($12,621.0 dollars), imports per capita in Australia ($12,596.8), imports per capita in New Zealand ($12,240.1), imports per capita in Nauru ($11,791.8). South Korea's per capita imports were $9,250.6 higher than the world's per capita imports ($3,201.3).

Comparison of imports between South Korea and its neighbors in 2018. South Korea's imports were 327.0 times greater than North Korea's ($1.9 billion) but were 29.6% less than Japan's ($904.4 billion). Imports per capita in South Korea were greater than imports per capita in Japan ($7,111.0) by 75.1%, imports per capita in North Korea ($76.4) by 162.9 times.

Comparison of imports of South Korea and leaders in 2018. South Korea's imports were less than US imports ($3,148.5 billion) by 79.8%, Chinese imports ($2,543.8 billion) by 75%, German imports ($1,629.4 billion) by 60.9%, imports Great Britain ($907.1 billion) by 29.8%, Japanese imports ($904.4 billion) by 29.6%. Imports per capita in South Korea were greater than imports per capita in the United States ($9,635.1) by 29.2%, imports per capita in Japan ($7,111.0) by 75.1%, and imports per capita in China ($1,797.7). dollars) by 6.9 times, but was less than imports per capita in Germany ($19,799.4) by 37.1%, imports per capita in Great Britain ($13,625.7) by 8.6%.

South Korea's import potential in 2018. With per capita imports at the same level as Germany's per capita imports ($19,799.4), South Korea's imports would be $1,013.0 billion, 59% higher than actual levels.

South Korea, or the Republic of Korea (official name) is an East Asian country with a free market economy. The national economy of this country has been constantly developing over the past decades. South Korea is one of the so-called “East Asian Tigers” - the states of East Asia (Hong Kong, the Republic of Korea, Singapore and Taiwan), which managed to make an economic breakthrough and catch up in terms of development industrial countries West.

Despite the poor starting conditions for such a leap, the Republic of Korea managed to achieve high rates economic growth, which was facilitated, among other things, economic policy government of the country, carried out since the 1960s. Although the crisis of the 1990s, which erupted in the Asian region, revealed weak spots South Korean economy, she managed to recover from its consequences amazingly quickly. Currently, the republic is one of the largest economic powers in the world and is a member of the G20. The country's economy is based on the high-tech industry and automobile manufacturing. But back in the 1960s, South Korea was one of the poorest countries in the world. By the end of a nearly 35-year period, including Japanese colonial rule (1920 to 1945) and the Korean War (1950 to 1953), the north of the once unified Korea had become an industrial center, while the south had developed National economy pronounced agricultural orientation. However, under the government's vigorous management and its export-oriented industrialization strategy, South Korea became a dynamic industrial nation in less than a generation.

The Republic of Korea owes its new rise after the Asian crisis of 1997-1998, as well as the extremely mild consequences of the global financial and economic crisis of 2008-2009, to the consistent policy of reforms pursued by its government. The country is a member of the G20 and has been a member of the OECD (Organization for Economic Co-operation and Development) since 1996. With a total gross domestic product of US$1.129 billion (based on 2012 results), South Korea ranks 15th in the world. per capita amounted to US$22,708 in 2012. At the end of 2013, the country rose to 7th place in the world in terms of foreign exchange reserves, which reached a record amount of US$346.5 billion.

In 2013, the consumer price inflation rate was 1.3% (2012: 2.2%). Since May 2013, the base interest rate of the Central Bank of South Korea has been set at 2.5%. The total amount of public debt as of the end of June 2013 amounted to 36.5% of GDP, that is, it remained at a relatively low level. In 2013, the country achieved economic growth of 2.8%. Growth expected in 2014 South Korean economy by approximately 3.9%. The unemployment rate in 2013 was 3.1%. At the same time, this figure was highest (8.0%) among young people (aged 15 to 29 years).

In recent years, along with a general commitment to multilateral negotiations in the field of world trade, the South Korean government has consistently pursued a policy aimed at concluding free trade agreements. Currently, such agreements are in place with Singapore, the European Free Trade Association, Chile, the Association of Southeast Asian Nations (ASEAN) countries, India, Peru and Turkey.

On July 1, 2011, the Preliminary Free Trade Agreement between the Republic of Korea and the EU came into force, and on March 15, 2012, the Free Trade Agreement with the United States, signed back in June 2007, came into force. In addition, a Free Trade Agreement with Colombia was signed on February 21, 2013, and corresponding negotiations with Australia were completed at the end of 2013. In addition, negotiations are ongoing with Vietnam, Canada, Mexico, the Gulf Cooperation Council, New Zealand, Indonesia, Japan and China, as well as negotiations on a trilateral agreement between South Korea, Japan and China.

The total volume of foreign trade turnover (imports and exports) amounted to 1,075 billion US dollars in 2013, that is, an increase of 0.7% compared to the previous year. The country's largest trading partners are China (excluding Hong Kong), the EU, the USA and Japan.

Export volumes in 2013 increased by 2.1% compared to the previous year. At the same time, the main export items were petroleum products, cars, chemical products, electronics, marine vessels and their components. In 2013, exports of electrical products increased by 9.8%, while exports of petroleum products decreased by 6.0%. Import volumes decreased by 0.8% in 2013 compared to the previous year. At the same time, South Korea's main import items were oil, natural gas, semiconductors, passenger cars, and circuitry/control equipment.

In 2013, the volume of actual foreign direct investment decreased by 9.4% compared to the previous year and amounted to 9.7 billion US dollars. Total foreign companies operating in the Republic of Korea reached approximately 7,500. In 2013, the largest investors in the country’s economy were the EU (about 3.53 billion US dollars), Japan (about 2.87 billion US dollars), the USA (1.53 billion US dollars) and the Netherlands (about 0.76 billion US dollars).

South Korea (unlike North Korea) has very limited deposits of raw materials and, therefore, is largely dependent on the import of industrial raw materials and almost entirely on the import of fossil raw materials. To improve self-sufficiency, the country is placing increased emphasis not only on the use of renewable types of energy, as well as nuclear energy, but also on the development of sources of raw materials abroad.

Between January and October 2013, 96.0% of the energy consumed in the Republic of Korea was produced from imported energy sources. During the same period, the following structure of energy consumption developed in the country: 38.2% - oil energy, 29.5% - coal energy, 18.2% - energy natural gas, 10.6% is nuclear energy, 0.7% is hydraulic energy and 2.8% is other renewable energy.

The main export items for Korea throughout recent years are passenger cars, steel, semiconductors, electronics and marine cargo ships. All these products are mainly produced at foreign market. In particular, approximately half of all cars produced in Korea (in 2001 - 1.5 million out of 2.95 million) and almost all large ships built in Korean shipyards go abroad. In 2001, semiconductors were in first place (9.5% of total exports). They were followed by cars (8.8%), computers (7.4%), cellular communications(6.6%), and ships (6.4% of Korean exports).

How was backward and poor Korea able to make an economic breakthrough unparalleled in the entire history of the world? If we try to briefly describe the strategy chosen by the Korean government, its basis was an export orientation. In fact, over the past 35-40 years, Korea has turned into a kind of “factory country” that imports raw materials and semi-finished products from abroad, turns them into finished goods and sends these products abroad. In fact, Korea, deprived of natural resources, had no other choice. However, it is clear that the consequence of this strategic decision was Korea's extreme dependence on exports. The situation on world markets, fluctuations in exchange rates, changes in customs legislation most directly affect any Korean, and export-import reports are carefully read by everyone who is in one way or another connected with the Korean economy.

The rapid growth of Korean foreign trade began in the mid-1960s, that is, when the country switched to an export strategy economic development. For a quarter of a century (1964-2000), South Korea ranked first in the world in terms of the growth rate of its exports, which increased on average by 22.4% annually (in particularly successful years, exports doubled). In 2001, relatively small Korea was in 13th place in the world both in terms of the volume of its foreign trade as a whole and in terms of export volume. Its exports amounted to 150.6 billion dollars, and all foreign trade (exports and imports together) amounted to 291.5 billion dollars. For comparison: in terms of the volume of its foreign trade, Russia last year ranked 17th in the world, its exports amounted to 103.1 billion dollars, and foreign trade as a whole - 162.1 billion dollars, that is, almost double times less than the South Korean one. This means that huge Russia, in terms of the scale of its foreign trade, was on a par with Malaysia and Sweden, but significantly lagged behind not only Taiwan, but even the city-state of Singapore.

South Korea's largest foreign trade partner for many years has been the United States, with trade volume with which in 2001 amounted to $53.4 billion. (18.3% of all Korean foreign trade turnover). Japan is in second place ($43.1 billion or 14.8% of trade turnover), followed by China (10.8%), Hong Kong (3.7%) and Taiwan (3.5%). In sixth place is Saudi Arabia, trade with which is very unbalanced: Korean exports from this country amounted to $8 billion, and imports - only $1.3 billion. The reason for this imbalance is clear: for Korea, Saudi Arabia is one of the most important oil suppliers. 7-10 places in the top ten Korean trading partners are occupied by Germany, Indonesia, Australia and Singapore.

Trade turnover with Russia in 2001 amounted to only $2.9 billion, so our country ranks a modest 29th among South Korean trading partners. At the same time, Russian-Korean trade is also unbalanced: in 2001, Korean imports from Russia amounted to $1,929 million, and exports to Russia amounted to $938 million. (data from Korean statistics are used here, since the State Statistics Committee of the Russian Federation cites noticeably lower figures in its publications). The imbalance is caused by the fact that in trade with Korea, as in trade with the Russian Federation as a whole, raw materials predominate. The main items of Korean export to Russia are petrochemical products (20% of total exports), food products, textiles, cars and electronics. Russia sells mineral raw materials to Korea (about 30% of all imports from Russia), metal products (mainly metal for Korean metallurgical plants) and seafood. However, these figures should be approached with caution, since they reflect only “official” trade - and even that not in full. As is known, shuttles play a significant role in Russian-Korean trade, especially noticeable in the Far East. The activities of these small and medium-sized entrepreneurs, as well as the semi-legal import of used Korean cars, official statistics is only partially reflected. This also applies, by the way, to Korean trade with China, the actual volume of which is also greater than the officially declared one.

Korea's main exports in recent years have been passenger cars, steel, semiconductors, electronics and cargo ships. All these products are mainly produced for the foreign market. In particular, approximately half of all cars produced in Korea (in 2001 - 1.5 million out of 2.95 million) and almost all large ships built in Korean shipyards go abroad. In 2001, semiconductors were in first place (9.5% of total exports). They were followed by automobiles (8.8%), computers (7.4%), cellular communications (6.6%), and ships (6.4% of Korean exports).

Korea imports mainly raw materials and (which is not very publicized) technology. Korea completely lacks its own energy resources, so all oil and gas in the country are imported. Korea, despite its small size, is the world's fifth largest oil importer! In 2001, oil accounted for 15% of all Korean imports by value. After oil comes gas - approximately 3% of all imports. A significant portion of coal is also imported, including all coking coal, without which the Korean metallurgy cannot operate. Coking coal is the third most important import item. Finally, approximately half of the iron ore the country needs is imported into Korea, as well as timber and other types of raw materials.

From the point of view of foreign trade, 2001 was not the most successful year for Korea - in contrast to the very successful 2000. Last year, prices for some Korean export products - primarily steel and semiconductors - dropped significantly. A significant role here was played by the events of September 11, which negatively affected the economy of the United States, Korea's main trading partner, as well as the difficulties that the largest developed economies experienced in the second half of the year. Therefore, Korean exports in 2001 increased compared to 2000 by only 0.7% - the most modest result since 1989. A lot of problems for Korea were created by high oil prices, which have persisted for quite a long time (much to the delight of Russia). In the same time foreign trade balance, despite all the difficulties, remained positive, that is, exports exceeded imports: in 2001, Korea sold goods worth 8.4 billion dollars. more than I bought.

However, these problems are tactical and temporary: prices, after all, always fluctuate, and the current decline will inevitably be followed by a rise. Alas, the matter is not limited to tactical problems: China poses an increasing strategic threat to Korean foreign trade companies. This is due to the structure of Korean exports, in which traditionally big role Labor-intensive industries of medium complexity played - shipbuilding, the automotive industry, and metallurgy. In these areas, Korea's main advantage used to be the availability of inexpensive and highly disciplined work force, as well as a high level of education. IN Lately the situation has changed radically. Korean workers are now only willing to work for wages that are not too different from Spanish or Greek wages, while workers in China are still paid little. At the beginning of 2002, the average wage for assembly line workers in Korea was $7.75 per hour, but in China it was eight times lower - only $0.92 per hour. This gap allows Chinese firms to gradually push Korean competitors out of labor-intensive industries. Chinese pressure is already being felt in shipbuilding and metallurgy, and the appearance of good Chinese cars is not far off.

Korean firms currently see two ways out of this potentially dangerous situation. The first way out is to build up high-tech production, primarily in the field of electronics, computer science and telecommunications. In these areas, Chinese manufacturers do not yet constitute serious competition, but Korean companies have to solve another difficult task: entering an established market that has long been occupied by Western and Japanese firms. The second way out is the gradual transfer of technologically simple but labor-intensive production outside Korea, to countries with cheap labor force. It is no coincidence that more and more Korean companies are establishing their factories in Malaysia, Vietnam and, of course, in China itself.

In any case, it is clear that Korea will not be able to abandon its export orientation in the foreseeable future. Export is the main condition for the country's prosperity, the basis of its entire economy.