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South Korea ECONOMY
General Character: Export oriented although domestic
market increasing source of growth in late 1980s; real growth
12.5 percent 1986-88; 6.5 percent, 1989. Dominated by
chaebol, or business conglomerates. Most industries,
except mining, in urban areas of northwest and southeast. Heavy
industry generally in south. World's tenth largest steel producer
in 1989. Major electronics producer. Automobiles and automotive
parts major domestic growth and export industry of 1980s.
Armaments also manufactured for domestic use and export.
Construction critical source of foreign currency and invisible
export earnings. Textiles, clothing, and leather products
important. Growing labor movement affects production and costs.
Gross National Product (GNP): In 1989 US$204 billion,
US$4,830 per capita, 6.5 percent annual growth rate.
Gross Domestic Product (GDP): US$211.9 billion at
market prices, 1989; real annual growth 6.1 percent. Average
growth 6.1 percent 1986-90; high, 12.4 percent in 1986; low, 6.1
percent in 1989.
Industry: Main growth sector, produced 46 percent of
GDP and employed 35 percent of work force in 1988.
Resources: Peninsula has minimal resources. Mineral
deposits mostly small, except for tungsten. Anthracite coal most
important mineral product by volume and value, but also imported.
Most energy needs met by nuclear power, coal, and crude petroleum
imports.
Agriculture, Forestry, and Fishing: Employed
approximately 21 percent of work force in 1989; generated 10.2
percent of GDP. Relative importance declining since mid-1960s;
production grew 5.9 percent in first half of 1989. Major crops
rice and barley, also millet, corn, sorghum, buckwheat, soybeans,
and potatoes. Fishery products popular food and important export
commodity. Inadequate forestry resources.
Foreign Trade: Annual trade in 1988 more than US$100
billion; first time world's tenth largest trading nation. Major
trading partners United States and Japan. Main exports textiles,
clothing, electronic and electrical equipment, footwear,
machinery, steel, ships, automobiles and automotive parts, rubber
tires and tubes, plywood, and fishery products. Main imports
machinery, electronics and electronic equipment, petroleum and
petroleum products, steel, grains, transport equipment, raw
materials, chemicals, machinery, timber and pulp, raw cotton, and
cereals. Balance of payments affected by oil imports and raw
materials needs; surplus of US$4.6 billion in 1989, but deficit
of US$1.9 billion, 1990.
Currency and Exchange Rate: January 1990, US$1=683.4
won (W).
Fiscal Year: January 1 through December 31.
Data as of June 1990
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