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Korea Profile

South Korea has demonstrated over the past fifty years an integrated economic growth that depends on high- tech industries. In 2004, the Korean economy joined the trillion-dollar club, in comparison to its Gross Domestic product (GDP) per capita in 1970 that was classified among the poorest economies in Asia and Africa. 

South Korea Economic Recovery

The government encouraged the importation of raw materials over consumer merchandise and promoted its citizens to save and invest. Foreign economic relations are the main elements in South Korea politics. In 2011, the Korean government and the USA ratified the Free Trade Agreement and came into force in 2012. Korea also established strong business relations with the European Union, China, Japan, and Saudi Arabia. At 2012, the Korean trade surplus was estimated $14 billion, with an increase of 5.9 percent over the previous year. Korea major imports are chemicals, transport equipment, crude oil, and food while its major exports include wireless telecommunication equipment, semiconductors, ships, textiles, and petrochemicals.