South Korea - Selling and buying
Reaching the consumers
Among total retail market worth of 150 trillion KRW (+5,7%) in 2007, sales for all large discount stores comes first with around 28 trillion KRW, followed by department stores with 18,5, Online shopping mall 15,5, supermarkets 7,8, convenient stores 5,7 and TV home shopping with 4,2 trillion KRW.
Two retail giants, Lotte and Shinsegae group secured respectively 10,0851 trillion won and in annual sales, 17,7 billion KRW and 10,1028 trillion won in 2007 with department store, large discount stores, premium outlet stores, online or TV home shopping.
Market access procedures
Korea is a member of Asia-Pacific Economic Cooperation (APEC) and ASEM (Asia-Europe Meeting). It is a signatory to multilateral and bilateral agreements with many countries. Korea signed in October, 2009 a Free Trade Agreement with the EU. The country have signed a trade agreement with 21 other countries in the São Paulo Round of the Global System of Trade Preferences among Developing Countries (GSTP).
Quantitative import restrictions on Rice, Petroleum, LPG (Liquefied Petroleum Gas), agricultural fertilizers, crop seeds, animals and animal products, nuclear materials, narcotics, foods and food additives, foreign publications, firearms and explosives.
More information on Korean customs service.
Import procedure is listed on the website of KCS.
Organizing goods transport
Korea has 57 railroad routes and they still act as the main mode of transport for large cargo. And there are 8 international airports including Incheon International airports and 7 domestic airports.
Total cargo handling in ports throughout Korea is around 17 million TEUs. In terms of a case-by-base of cargo handling figures, import and export cargo reaches 11 million TEUs . Transit cargo is to 6 million TEUs. Around 77 international passenger and cargo airlines operate frequent flights between Korea and many nations around the world.
Korea has three main port authorities, Busan Port Authority (BPA), Incheon Port Authority (IPA) and Ulsan Port Authority (UPA).
Domestic business directories
- Korea Automobile Manufacturers Association (KAMA)
- Korea Electronic Industries Cooperative (KEIC)
- Korea Federation of Textile Industries (KOFOTI)
- Korea Shipbuilders' Association (KOSHIPA)
- Korea Iron & Steel Association (KOSA)
- Korea Automobile Importers & Distributors Association
- Korea Pharmaceutical Trades Association
- Korea Wines & Spirits Importers Association