South Korea’s export-driven economy has recently been hit by sluggish demand from debt-hit Europe and its biggest trading partner China. Exports unexpectedly shrank year-on-year for two straight months in March and April. The Chinese economic outlook despite recent improvement is weaker than six months ago, forecasting growth of just above 7% this year and next. This also implies weaker prospects for regional trade.
Opportunities for UK businesses
South Korea’s 50 million strong domestic population offers UK businesses numerous and varied opportunities. The opportunities lie within the following sectors, financial and legal services, food and drink (whisky and other alcoholic beverages), pharmaceuticals, high-end fashion and textiles and construction.
Visit Export Britain for more information and to find support in this market.