Where can information and data about Korean market be found?
Businesses can look up information about the Korean market through the following free and available search tools:
- Trade Map by ITC (trademap.org): This tool provides trade data for each country, thereby identifying major import/export products, competitors, and import-export developments over time, etc. Trade Map also provides data on import, export and tariffs of each product of each country with each partner. Through TradeMap, users can learn about the export strengths/import needs of each trading partner and current competitors. TradeMap provides data by year, by HS code of 2, 4, or 6-digit level, by value or percentage, etc. Users can extract information in the form of tables, charts or maps and filter the data to be sorted by commodity, country, product group or country group...
- Market Access Map (MacMap) by ITC (macmap.org): This tool provides tariff and non-tariff barriers that apply to a particular product exported from a particular country to another market. Specifically, in terms of tariffs, MacMap provides both Most Favored Nation (MFN) tariffs and unilateral preferential tariffs (such as GSP) and preferential tariffs under bilateral and multilateral trade agreements (such as FTAs). Regarding non-tariff barriers, MacMap includes regulations on import quotas, trade remedies, and certification requirements, and other non-tariff measures.
- Rule of Origin Facilitator – Search Took on Rules of Origin by ITC (findrulesoforigin.org): This tool allows users to access a database of rules of origin in more than 350 trade agreements in more than 190 countries in the world. Combined with the database on tariffs in FTAs, this is a useful tool to help businesses grasp the rules of origin to preferential tariffs under FTAs, thereby taking advantage of opportunities from FTAs.
- Tariff Analysis Online (TAO) by WTO (tao.wto.org): This tool can be used to look up different types of tariff rates (MFN, GSP, FTA, etc.) that a country applies to a specific product. TAO provides detailed tariff information for each tariff line according to the HS system of each country and information on average tariffs by product group.
- World Development Indicators (WDI) by World Bank (databank.worldbank.org): WDI includes more than 1,400 development indicators (GDP, population, labor, inflation, exchange rates, etc.) about 217 economies and more than 40 country groups over a period of more than 50 years. This is a very useful source of information for businesses to find out general information about the economic situation, population, inflation, unemployment, trade, investment, etc. of each country in the world or compare these indicators between countries.
- Free trade agreement (FTA) Portal by Korean Customs Service (customs.go.kr/engportal/main.do): This portal includes data related to all South Korea's Free Trade Agreements, HS Code System (Lookup method, Tariff Schedules, etc.) and Certificate of Origin and Origin Verification. In addition, this portal also provides businesses with guidance on import-export customs clearance processes/procedures.
Source: Center for WTO and International Trade
