Economy of Republic of Korea (South Korea)

Population: 51,78 (World Bank, 2020)

GDP Per Capita (USD):35.200 (IMF, 2021)

GDP (trillion USD):1,81 (IMF, 2021)

Main Trade Partners: China, USA, Japan, Vietnam

Main Export Items: Mineral fuels, electrical and electronics products, machine, iron-steel

Main Import Items: Electrical and electronics products, vehicles, machine, mineral fuels

Bilateral Economic and Commercial Relations

Main Export Items to South Korea: Pharmaceutical products, liquefied hydrocarbon gas, vehicle components, electrical machinery and components, clothing, mineral ores, food products, leather goods.

Main Import Items from South Korea: Electronic devices, motor vehicles, vehicle parts and components, machinery and mechanical devices, plastic products, iron-steel products, optical instruments and devices.

“The Framework Agreement Establishing Free Trade Area between the Republic of Türkiye and Republic of Korea” entered into force on 1 May 2013."Agreement on Trade in Services between Republic of Türkiye and Republic of Korea" and "Investment Agreement" entered into force on 1 August 2018.

SWAP Agreement between the central banks of the two countries was signed on 12 August 2021.

The last Turkish-Korean Joint Economic Commission (JEC) meeting was held in Seoul on 15 January 2015. Türkiye-Korea Business Council was established in 1989, and lastly convened in Seoul on 18 October 2017.

The amount of Foreign Direct Investment (FDI) by South Korea to Türkiye between 2002-2021 August is 1, 247 billion USD. On the other hand, according to South Korean statistics, which take into account investments through South Korean firms located in third countries, the FDI of Korea in Türkiye is around 2.24 billion USD.

The number of visitors from South Korea to Türkiye has reached 212.970 in 2019, and 36.636 in 2020 during the pandemic.