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ECONOMIC
During the past decades, South Korea had a sharply development in economic. It has got rid of the shadow
of Korea War, and joined into the Organisation for Cooperation and Development (OECD). Currently,
South Korea is the ‘seven-largest trading partner’ and is the 15th largest economy in the world. (U.S.
Department of State 2012)
Gross Domestic Product (GDP)
World Bank (2012) shows the figure, GDP in South Korea is continuously increasing annually (Appendix
table 1 demonstrates details). Its GDP in 2011 is $1.116 trillion, compared with 2010, increased by 3.63%.
At the same time, GDP of Australia is $1.371 trillion, and increased by 1.84%. It is easy to find that GDP
of South Korea is increased faster than Australia, which means South Korea has huge potential for
developing our business.
Import and Export
As an international city to visit, South Korea has welcome more than 6.4 million visitors from seven
continents for different purpose in 2012 (Korea Tourism Organization 2012), its export and import
occupies main part in GDP(Appendix table 2t demonstrates details). In 2011, total of good export is $
464.3 billion and service export is $82.7 billion, which is 51% of GDP; total of good import is $422.4
billion and service export is $93.9 billion, which is 49% of GDP. (THE WORLD BANK 2012)
Tax and Tariff
The tax on international trade is only 4% of revenue, the lowest rate of all kinds of tax in 2010. Moreover,
