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South Korea accounted for 0.7% of global trade in 1970, but by 2003 it went up to 2.5%. 50% of the Busan's manufacturing jobs are related to exports, and 83% of the country's exports are containerized, making Busan the country's largest container and general cargo port. Compared to the Port of Busan, Inchon port handles only 7% of containers.
The following is a list of the exports of South Korea. Data is for 2012, in millions of United States dollars, as reported by The Observatory of Economic Complexity. Currently the top twenty exports are listed. #
North Korea: 904.8 2022 Chad: 895.2 2022 Cape Verde: 832.2 2022 Seychelles: 717.5 2022 Turks and Caicos Islands: 678.3 2022 Central African Republic: 629.5 2022 Antigua and Barbuda: 623.0 2022 Grenada: 589.3 2019 Solomon Islands: 539.5 2022 South Sudan: 512.5 2022 Samoa: 492.1 2022 Saint Vincent and the Grenadines: 438.0 2022 Vanuatu: 424.7
The automobile industry was one of South Korea's major growth and export industries in the 1980s. By the late 1980s, the capacity of the South Korean motor industry had increased more than fivefold since 1984; it exceeded 1 million units in 1988. Total investment in car and car-component manufacturing was over US$3 billion in 1989.
South Korea is set to sign an agreement next week with eight African nations to help boost rice production and cut their dependence on imports, Agriculture Minister Chung Hwang-keun told Reuters ...
A destructive drought in 1958 forced Korea to import large amounts of food grains. In 1950, the Korean War (a war between the Republic of Korea and the Democratic People's Republic of Korea ) broke out, which destroyed more than two-thirds of the nation's production facilities and most of its infrastructure.
In addition, South Korea's rigorous education system and the establishment of a highly motivated and educated populace is largely responsible for spurring the country's high technology boom and rapid economic development. [126] South Korea's industrial manufacturing capability has doubled and its export sector has grown rapidly.
Globalization in South Korea started after the Asian Economic Crisis. The economic crisis during 1997–1998 had created economic regression in Asia, including South Korea. South Korea had a high debt-equity ratio followed by low profitability due to inconsistency in corporate governance, which was the major obstacle.