Political Overview

Government Type

Unitary state, Presidential system, Constitutional republic

Key Leaders

• President – Yoon Suk Yeol
• Prime Minister – Han Duck-soo

Political Stability Index

0.6 (2022)

International Alliances

• IBRD, OECD, ADB, EBRD, WB, WTO, IMO, IMF, APEC, IAEA, NATO, UN, G20, ILO, WHO

Economic Overview

GDP (Nominal)

$1.87 trillion (2024)

GDP (PPP)

$3.26 trillion (2024)

Key Industries

• Technology & Electronics
• Automotive
• Shipbuilding
• Services
• Manufacturing

Top 5 Importers/Exporters

The top exports of South Korea are Integrated Circuits ($121B), Refined Petroleum ($61.4B), Cars ($52.1B), Broadcasting Equipment ($24.2B), and Motor vehicles; parts and accessories (8701 to 8705) ($20B), exporting mostly to China ($150B, 22.8%), United States ($112B, 16.1%), Vietnam ($60.7B, 8.9%), Japan ($30.5B, 4.5%), and Hong Kong ($28.9B, 4%). In 2022, South Korea was the world’s biggest exporter of Blank Audio Media ($11.6B), Cyclic Hydrocarbons ($9.79B), Special Purpose Ships ($7.36B), Oxometallic or Peroxometallic Acid Salts ($4.68B), and Styrene Polymers ($3.93B).

The top imports of South Korea are Crude Petroleum ($89.1B), Integrated Circuits ($56.4B), Petroleum Gas ($46.9B), Coal Briquettes ($26.8B), and Refined Petroleum ($26.1B), importing mostly from China ($150B), United States ($73.6B), Japan ($50.8B), Australia ($41B), and Saudi Arabia ($36B).

As per 2024, top import countries include China (30.1%), European Union (15.5%), United States (15.1%), Japan (9.7%), Saudi Arabia (6.6%) , Australia (6.5%) Vietnam (6.1%), Taiwan (6.0%) In 2022, South Korea was the world’s biggest importer of Inorganic Salts ($4.02B), Starch Residue ($719M), Hydrides and other anions ($110M), Other Vegetable Fibers Fabric ($18.2M), and Wood Wool ($10.2M)

Social Indicators

Human Development Index

0.929 (19th)

Literacy Rate

98.8% (99.2% of males and 98.4% of females)

Life Expectancy

83.64 years (2024)

Geopolitical Relevance

Strategic Location

Korean Peninsula, North Korea border country, Yellow Sea, East China Sea and Sea of Japan. has proximity to key Asian markets (crucial for trade with China, Japan, and the rest of the Pacific). Near key military chokepoints (Korean Strait and the Tsushima Strait – vital naval passages for military and economic activities )

Key Conflicts

Korean Peninsula conflict with North Korea (only armistice agreement, having Demilitarized Zone (DMZ) as the de facto border between North Korea and South Korea), Dispute with Japan over the Dokdo/Takeshima Islands

Border Issues

With North Korea over DMZ, South Korea-Japan Dispute over Dokdo/Takeshima Islands

Military Strength

2022 – Active military personnel – 500,000 and reserve personnel of 3.1 million, In 2024, allocated approximately 59 trillion South Korean won for defence budget. U.S. – South Korea Mutual Defense Treaty, QUAD, UN Command

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