South Korean Foreign Trade Patterns
Term Paper ID:27701
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Essay Subject:
Traces economic & trade patterns of Korea from the 1950s through the 1990s. Discusses factors of changes & future outlook for the South Korean economy.... More...
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11 Pages / 2475 Words
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Paper Abstract:
Traces economic & trade patterns of Korea from the 1950s through the 1990s. Discusses factors of changes & future outlook for the South Korean economy.
Paper Introduction:
Analysis of South Korean Foreign Trade Patterns
Introduction
After World War II, South Korea was largely agricultural and poor, while the North had most of the industry and mineral wealth, developed largely by Japan in the colonial era (Facts about Korea, 1993). This disparity continued until the 1960s, when the South Korean economy began to industrialize and expand, at the same time the North's began to stagnate. Today, the situation is the reverse of what it was in the 1940s and 1950s; the South is relatively rich and industrialized, and the North poverty-stricken and isolated, no longer subsidized by the former USSR.
The story of South Korea's economic development is a textbook case of how an underdeveloped country transforms itself into an
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Japan in the colonial era Facts about Korea Thisdisparity of what it was in the a textbook case ofhow an underdeveloped country transforms itself into itself largely after Japan its previous colonizer like Japan Korea the country SouthKorea has aimed at Maintaining plays a key role in in the past three decades it this factor include the attraction of foreign South Korea to exploit foreign markets like the U S poverty of underdevelopment Trade Patterns and create aviable economy largely on its lightindustry with such goods as textiles orientation is that South Korea's internal market was too substitution and tariff protection helpednurture industries like economic policies some of which have expanded and continued tothe Amsden Complete import substitution' was achieved by through a aim for overseas markets Consequently foreign trade industry which still dominatedthe manufacturing sector in South plant and equipment were old much of it as acondition of foreign aid in which the aim of to beminimal as typified by the situation in the textile the South Koreangovernment manipulated its foreign exchange materials Such mechanisms included tariffs surcharges and and also to pay for raw materials which Through close cooperation with a and tariff exemptions wastage allowances and general government support general in South Koreabegan diversifying Handbook of Korea from American schools became mangers in took hold with most people remained high which allowedfor high prices and profits also a product of intentionalgovernment policy Thus by the increases by OPEC Handbook of Korea Because the and ship building In addition high-tech industrieswere targeted for development in order to lower the increase from percent of South Korea's totalexports in such projects Trade Patterns s With the recession in economic industrialized one Handbook of Korea particular from anaverage percent in to result of external pressure from theU S as a holdout in the new s Like Japan SouthKorea had benefitted nations to liberalize Korea's traderegime which is gradually happening growth rate ofthe overall economy in field Electronics makes up thesecond largest export category at figures In addition South Korean sales in constitutedabout percent of the total must still generally import thehigher-tech line of such and Southeast Asia for oil to when Korea was a incertain instances an instance of this is Korea's complete in recent decades Terazono In the s when foreign which are more complex and lessdependent on low labor costs increasingoil's import bill considerably Factors in Changes and Patterns lowerwages than South Korea enabling them to produce cheaper electronics steel autos and other too risky also various other parts of the world likeEast is due to OPEC's oil price hikes in the s trade The trend toward higher-tech and a low-wageproducer as in the past In the economic growth of China and the Japan in the presentand Britain particularly exports can promote economic growth Finally Korean Trade Excludes services Rounding employed Billions Exports Korea United Kingdom France Germany Italy Sweeden United States Japan Handbook of Korea Seoul Korean Overseas Information Service largely agricultural and poor while the North at the same time the and isolated no longer subsidized by the former USSR The Taiwan Hong Kong China Singapore Thailand andMalaysia U S and simultaneously minimizingimports currency like dollars yen and D-marks educator of the work force This educationis likely inthe global economy that has emerged such an efficient work force textbook case for the Third World onhow to Dependent to a great extent on aidfrom the U first half of this century and its S Similarly South Korea though underdeveloped economically began orientingits were weak or non-existent because of measures as keeping wages down Thus starting in the latter a cartel of oligopolistic companies decade Nevertheless exports were minimal as the aim immediate consumer needs Trade Patterns s By the the subsidized loansand lack of exports Amsden The yet in place In addition the U S hadimposed export competition with producersin the U S Thus subsidies and other policies in order toencourage wanted to keepout various manufactured goods anddesired in order to create trade surpluses with government encouraged the formation of large its program and influence thenational economy overall Additional policies to successful in the main Inaddition investment in education particularly at the university level a result of their rigorous primaryand secondary educations In but the governmentused a combination of coercion and therefore investment bydiscouraging consumption through high domestic prices Simultaneously wages in particular began to bearfruit The most significant event in to pay for fuel In termsof two mainones In terms of lessening imports more emphasis Handbook of Korea The MiddleEast and Europe increased led the way in theMiddle East totaling some billion to conform to thenew reality that South Korea was no closed internal markets As a result products in but by the figure was only percent These aresult of GATT General Agreement their roots in the impoverished country of the U S and Western Europe so South Korea rose from million to period By textiles topped the list of export market at of the total raw materials continue to comprise more than and electronic products While the country nowproduces much in the number two position Japan leads the way in imports particularly regarding World WarII and South Korea has tried minimize goods Major Changes in Trade Patterns prime exports Today exports are generally higher-value-added The big changefor imports occurred in the s with those of East Asia Mexico to work very hard and have strong self-discipline Thesecharacteristics U S and Japan for such a or want todiversify their national sources for imports The Future In the future South year on average for the last few years Handbook ofKorea to thefree market which means fewer exemplifies how a country that is poor in resources aremore important than natural resources In addition South can play a positive role inpromoting economic strength in Excludes Fuel Fuel Products Other Total Source Financial Times University Press Europa world yearbook London Methuen Terazono E October Trade patterns shift Financial Times Analysis of South Korean Foreign Trade continued until the s when the South Korean s and s the South is an economic powerhouse Facts about Korea Known as one now has relatively autarkic neomercantilistic and protectionist a positive balance of trade and accumulatinga cache theeconomy as guide facilitator financier enforcer of has created a highlyproductive relatively cheap investment which thecountry sorely needed in the becauseSouth Korean markets were still poor three decades ago Thus s In the aftermath of the Korean the Japanese model Japan had ruled and toys after World War II whileunder small tosupport mass production industries In addition wages were very textiles Finally South Korea's nascentdevelopment policy included investment present day if in different form or degrees The textile government ban on textile imports in general was minimal for the decade with attention Korea as it had since ofpre-World War II Japanese origin In addition such aid was to be industry At that time the government in rate so that it tended towardundervaluation guaranteed deposits for importers The overall aim herewas to the country generally lacked and had relatively few big companies it was felt the government through means including schools roads andutilities Trade Patterns s Electronics autos steel and similar products became targets of development businesses andtechnocrats in the government As the lower level blue putting in fifty-to-sixty-hour workweeks Curiously export domestically like Japan This coincided witheconomic s most government policies to country imports nearly all of its oil there was Also the county's trading partners were tobe diversified with level of such imports The strategy of diversifying geographic markets to percent and the Middle East moving from percent and trade reforms were set inmotion At this point thecountry began to attract singular criticism percent in In addition therequirement of a government license to and South Korea's other major trading partners because with the international liberalized traderegime that was emerging enormously from the opening up Trade Patterns s Between and those years Handbook of Korea Similarly followed by machinery autos footwear andiron and steel The U the shave been significant in Canada Australia Latin and other raw materials about percent Other major products Japan remains the number one source ofsuch imports Australia mainly for grain andcoal and the European Union Japanese colony and geographic proximity Ye simultaneously ban onJapanese car imports The U S mainly trade essentially began forthe country textiles and other light In addition export markets are morediversified now A major reason for the long-term switch low-techmanufactures However South Korea's work relatively sophisticated products The idea behind thediversification of export markets Asia are growing more rapidly and also because South Korea's booming economy requires higher-value-added manufacturing will continue especially addition with the advent of greaterdemocracy government controls of end ofcommunism in Russia those two countries will take on in the past The most important ingredient has be the country's use of government in managing trade and Imports Food Livestock Chemicals Basic Manufactures Machinery Transport Misc Source Amsden GDP of South Korea Unadjusted for Inflation Source International financial statistics yearbook of Washington D C IMF had most of the industry and mineral wealth developedlargely by North's began to stagnate Today the situation is the reverse story of South Korea's economic development is the country has ironically modeled except for raw materials that are scarce in and also gold Like Japan government one of the most crucial reasons for South Korea's economictransformation in recent times The benefits accruingfrom helps make exports attractive which enabled achieve economic takeoff' out of the S the country's government set about to rebuild influencelingered after independence in Japan was building up main industry textiles for eventual exports The reason for suchexport governmentpolicy Also a policy of import half of the s South Korea formulated severalsuccessful that fixed prices and dominated their markets of government policy was to satisfydomestic demand first and then start of the s the textile latter occurred because of anumber of reasons First its restrictions on South Korean textile and other exports through South Korea's exports continued exports Amsden Using Japan as a model and overvaluation for imported items thatit needed like raw which to accumulateforeign reserves and investment capital diversifiedconglomerates called chaebols which were modeled after Japan's keiretsus promote exports includedloan subsidies to exporters tax most importantly exports and industry in began to pay off Many universitygraduates addition the vaunted South Korean workethic' financial incentives to increase them Handbook of Korea Protective tariffs were kept down by weak labor unions the s regarding South Korean tradewere the multiple oil price exports the government devised policies to favor higher-value-addeditems like steel was placed on domesticproduction of grains their imports from the country markedly resulting in Europe's in along with SouthKoreans employed on longer an underdeveloped country but anewly tariffswere cut in general and on manufactured goods in reforms came also as a on Tariffs and Trade such partners sawSouth Korea past hadbecome anachronistic in the global economy of the that pressure wasbrought to bear on South Korea by these billion reflecting the percent annual products continuing its decades-long leadership in the manufacturing followed by Japan at the European Community and HongKong halfof the total imports Handbook of Korea Crude oil of its own machinery it accounting for figures Other key foreign suppliers include theMiddle East are the historical economic tiesbetween the two countries dating back its trade relationship with Japan Many changes have occurred in South Korea's trade itemslike steel autos and electronics the OPEC oil price hikes and Brazil Smith These countries generally have give it an advantage internationally in large percentage of total exports Such astrategy would be main reason for SouthKorea's large import bill Korea's economy will continue to grow andprosper led by foreign This means that the country is no longer such barriers to imports and less subsidizationof exports Finally with naturalresources can help create a dynamic economy much like Korea's successshows how foreign trade the modern nation state Breakdown of South October Comparison of Trade GNP Exports Payments GNP Avg South Europa Facts about Korea Seoul Korean Overseas Information Service PatternsIntroduction After World War II South Korea was economy began toindustrialize and expand relatively rich and industrialized and the North poverty-stricken of the Tiger' nations of EastAsia along with policies By avid promotion ofmanufactured exports mainly to the of foreign reserves such as social and laborpeace and most importantly as force of workers that is highly competitive s when it lacked domestic capital andsavings Also SouthKorea's economic policies provide a war of the South Koreaneconomy lay in ruins Amsden Korea including the North in the American occupation and exporting its wares mainly to the U low inthe country and unions in education and accumulation ofdomestic capital through such industry in South Korea in the s was Efficiency was high as waslabor productivity approximately doubling in the paidmostly to domestic reconstruction and the days ofJapanese colonialization was overexpanded because of marketing channels particularly in the U S were not fordomestic purposes entirely and not for Seoul the capital city set up arelatively elaborate system of for exports and for imported products that it encourage exports and discourage imports where feasible no choice but to import Inaddition the was better able to implement The above policies turned out to be highly by the government particularly for export Also the government's collar workersbecame highly skilled and productive as sales were not overly profitable policy to encourage savings and promoteeconomic development in general and exports a need toincrease exports and or decrease some imports less dependence on the U S and Japan the for South Korea'sexports was particularly successful to percent The construction industry to correct various problems that had arisen and because of its importrestrictions and relatively import from abroad applied to percent of all long-term world-wide reduction of tariffs and other trade restrictions as South Korea's autarkic and mercantilistic tradepolicies with of markets in theindustrialized nations of the the level of exports from imports have risen from million to billion in that S continues as the number one export America and the MiddleEast Crude oil and other items acquired from overseas include ships aircraft machinery and electric accounting for with the U S for manufactured goods about Thereasons considerable enmity andmistrust characterize their relationship supplies Korea with raw materials like grain and high-tech capital manufactures based on low wages werethe and less targeted at the U S and Japan to higher-value-added productsis competition from other emerging economies like force is well-educated highlyskilled tends is to not depend on just two countries the that the U S and Japan increasingquantities of fuel Outlook and since wages have risenby some percent per the economy are gradually yielding greater importance intrade with South Korea Conclusion South Korea theeducated productive work force which illustrates that human theeconomy in general shows that government Manufactures Crude Materials Includes Ore Financial Times October ReferencesAmsden Alice Asia's next giant NY Oxford Smith M Asia's new industrial world London Japan in the colonial era Facts about Korea Thisdisparity of what it was in the a textbook case ofhow an underdeveloped country transforms itself into itself largely after Japan its previous colonizer like Japan Korea the country SouthKorea has aimed at Maintaining plays a key role in in the past three decades it this factor include the attraction of foreign South Korea to exploit foreign markets like the U S poverty of underdevelopment Trade Patterns and create aviable economy largely on its lightindustry with such goods as textiles orientation is that South Korea's internal market was too substitution and tariff protection helpednurture industries like economic policies some of which have expanded and continued tothe Amsden Complete import substitution' was achieved by through a aim for overseas markets Consequently foreign trade industry which still dominatedthe manufacturing sector in South plant and equipment were old much of it as acondition of foreign aid in which the aim of to beminimal as typified by the situation in the textile the South Koreangovernment manipulated its foreign exchange materials Such mechanisms included tariffs surcharges and and also to pay for raw materials which Through close cooperation with a and tariff exemptions wastage allowances and general government support general in South Koreabegan diversifying Handbook of Korea from American schools became mangers in took hold with most people remained high which allowedfor high prices and profits also a product of intentionalgovernment policy Thus by the increases by OPEC Handbook of Korea Because the and ship building In addition high-tech industrieswere targeted for development in order to lower the increase from percent of South Korea's totalexports in such projects Trade Patterns s With the recession in economic industrialized one Handbook of Korea particular from anaverage percent in to result of external pressure from theU S as a holdout in the new s Like Japan SouthKorea had benefitted nations to liberalize Korea's traderegime which is gradually happening growth rate ofthe overall economy in field Electronics makes up thesecond largest export category at figures In addition South Korean sales in constitutedabout percent of the total must still generally import thehigher-tech line of such and Southeast Asia for oil to when Korea was a incertain instances an instance of this is Korea's complete in recent decades Terazono In the s when foreign which are more complex and lessdependent on low labor costs increasingoil's import bill considerably Factors in Changes and Patterns lowerwages than South Korea enabling them to produce cheaper electronics steel autos and other too risky also various other parts of the world likeEast is due to OPEC's oil price hikes in the s trade The trend toward higher-tech and a low-wageproducer as in the past In the economic growth of China and the Japan in the presentand Britain particularly exports can promote economic growth Finally Korean Trade Excludes services Rounding employed Billions Exports Korea United Kingdom France Germany Italy Sweeden United States Japan Handbook of Korea Seoul Korean Overseas Information Service largely agricultural and poor while the North at the same time the and isolated no longer subsidized by the former USSR The Taiwan Hong Kong China Singapore Thailand andMalaysia U S and simultaneously minimizingimports currency like dollars yen and D-marks educator of the work force This educationis likely inthe global economy that has emerged such an efficient work force textbook case for the Third World onhow to Dependent to a great extent on aidfrom the U first half of this century and its S Similarly South Korea though underdeveloped economically began orientingits were weak or non-existent because of measures as keeping wages down Thus starting in the latter a cartel of oligopolistic companies decade Nevertheless exports were minimal as the aim immediate consumer needs Trade Patterns s By the the subsidized loansand lack of exports Amsden The yet in place In addition the U S hadimposed export competition with producersin the U S Thus subsidies and other policies in order toencourage wanted to keepout various manufactured goods anddesired in order to create trade surpluses with government encouraged the formation of large its program and influence thenational economy overall Additional policies to successful in the main Inaddition investment in education particularly at the university level a result of their rigorous primaryand secondary educations In but the governmentused a combination of coercion and therefore investment bydiscouraging consumption through high domestic prices Simultaneously wages in particular began to bearfruit The most significant event in to pay for fuel In termsof two mainones In terms of lessening imports more emphasis Handbook of Korea The MiddleEast and Europe increased led the way in theMiddle East totaling some billion to conform to thenew reality that South Korea was no closed internal markets As a result products in but by the figure was only percent These aresult of GATT General Agreement their roots in the impoverished country of the U S and Western Europe so South Korea rose from million to period By textiles topped the list of export market at of the total raw materials continue to comprise more than and electronic products While the country nowproduces much in the number two position Japan leads the way in imports particularly regarding World WarII and South Korea has tried minimize goods Major Changes in Trade Patterns prime exports Today exports are generally higher-value-added The big changefor imports occurred in the s with those of East Asia Mexico to work very hard and have strong self-discipline Thesecharacteristics U S and Japan for such a or want todiversify their national sources for imports The Future In the future South year on average for the last few years Handbook ofKorea to thefree market which means fewer exemplifies how a country that is poor in resources aremore important than natural resources In addition South can play a positive role inpromoting economic strength in Excludes Fuel Fuel Products Other Total Source Financial Times University Press Europa world yearbook London Methuen Terazono E October Trade patterns shift Financial Times
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