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Korean Economy

Since the early sixties, the structural pattern of imports had changed, particularly in the relatively decreasing share of imported consumer goods and the accelerated growth of industrial supplies. In 1962, the share of consumer goods imported was 24.1 percent of total imports. This share declined to 9.8 percent in 1986 because of increased South Korean production of these goods for the domestic market. the declining share of raw materials as a percentage of imports in the early 1970s was reversed in 1974 because of the increased value of oil imports brought about by the 1973 war in the Middle East. By 1979, crude oil constituted 25 percent of the nation's total import requirements, and this figure dropped to 8.4 percent in 1988 because of the use of other sources of energy and the decline in the price of oil in the late 1980s. South Korean exports to the United States rose in 1988 to $21.5 billion, a 17 percent increase over 1987, while imports role to $12.8 billion, a 46 percent increase (Savada and Shaw, 189-190).

Importers state that more and more disputes are developing in Korea over barriers such as labeling restrictions or governmental attitudes. The European Union recently had a dispute over car sales, and importers acknowledge that the 8 percent tariff imposed by Korea on imported passenger cars is reasonable, and indeed importers seem to believe that the tariffs imposed by Korea across the board are not excessive. What they object to are non-tariff barriers. The American Chamber of Commerce in Korea has made reference to such problems as "unenlightened working-level officials," and an "'exports good, imports bad' mindset" that serves as an obstacle to foreign investment. There has been progress, but it is painfully slow. Observers state that Korea needs to make more massive changes and to do so quickly to change the perception and reality of the foreign investment environment so that Korea can be more competitiv...

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Korean Economy. (1969, December 31). In Retrieved 07:52, September 19, 2017, from
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