ID&T - specialists in importing from and

exporting to South Korea

South Korea import/export help and advice

South Korea's business profile

Population 48.86 million (July 2013) Labour force of 25.50 million.

Main export commodities: Semi Conductors, wireless telecommunications, motor vehicles, computers, steel, iron, ships and petro chemicals.

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Main import commodities: Machinery, electronics, oil, steel, plastics, transport equipment and organic chemicals.

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Economy: South Korea over the last 40 years has achieved record growth to become a hi tech industrialised economy.

There are many business opportunities in South Korea. International Trade is a major focus for so communication is quite simple.

South Korea’s main ports: Busan.

South Korea’s main airports: Inchon, (Seoul)

There are many government bodies that will help you to trade with South Korea:

If you are exporting we suggest that you sell on an FOB (Free on Board) basis also if importing buy on a FOB basis. On export this helps turn around funds quicker as your responsibility ends once cargo is loaded onto ship or aeroplane, you have completed your contract and you are not responsible for any delays.

On imports buying FOB is again the preferred term of shipment. In this way you have control on your shipping costs fully as these will be agreed in the UK with a UK company. You also have control over the lead time of your goods. Cargo will arrive when you want it to arrive and not just when it suits your supplier to send out. You have authorise payment through your bank one cargo is despatched to ensure that you have required paperwork to receive, custom clear and take delivery of cargo.

Importing from South Korea

  1. Establish a relationship with new supplier.
  2. Confirm terms of trade. Most popular are FOB or CIF.
  3. Agree payment terms ie deposit balance on receipt of goods/documents
  4. Approve samples.
  5. Place an order with new supplier in writing. Confirming the exact order, trade terms and advise all documents you need.
  6. Appoint your freight forwarder / custom broker.

Exporting to South Korea

  1. Establish a relationship with new buyer.
  2. Confirm terms of trade. Most popular are FOB or CIF.
  3. Agree payment terms for deposit; balance on receipt of goods/documents.
  4. Have samples approved.
  5. Receive an order with new buyer in writing. Confirming the exact order, trade terms and agree all documents you will provide.
  6. Appoint your freight forwarder.

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