Turkey-Republic of South Korea Economic and Trade Relations

Economy of South Korea

Population 51,635,256

GDP Per Capita (USD)

30.000

GDP (trillion USD)

1.62

Main Trade Partners: China, USA, Japan, Vietnam

Main Export Items: Electrical and electronics products, vehicles, machine, mineral fuels

Main Import Items: Mineral fuels, electrical and electronics products, machine, iron-steel

Bilateral Economic and Commercial Relations:

Turkey-South Korea Commercial Relations (ABD $ billion)

Years 2015 2016 2017 2018 2019

Export 0.56 0.52 0.58 0.92 0.88

Import 7.54 6.39 6.60 6.34 5.64

Volume 8.1 6.91 7.19 7.26 6.53

Balance -6.98 -5.87 -6.02 -5,42 -4.76

Main Export Items of Turkey: Liquefied hydrocarbon gas (rubber raw material), vehicle components, pharmaceutical products, electrical machinery and components, clothing, boron and other metal ores, food (hazelnut, seafood, confectionery, pasta, fruit juices, spices), leather goods.

Main Import Items of Turkey: Mobile phones, electronic devices, computer chips, LCD, LED and OLED display panels / displays, motor vehicles, vehicle parts and components, boiler, machinery and mechanical devices, plastic products, ships, iron-steel, optical instruments and devices, railway vehicles artificial and synthetic fibers with its parts, rubber and rubber articles.

“The Framework Agreement Establishing Free Trade Area between the Republic of Turkey and Republic of Korea” entered into force on 1 May 2013."Agreement on Trade in Services between Republic of Turkey and Republic of Korea" and "Investment Agreement" entered into force on 1 August 2018.

The last Turkish-Korean Joint Economic Commission (JEC) meeting was held in Seoul on 15 January 2015.Turkey-Korea Business Council was constituted in 1989, and lastly convened in Seoul on 18 October 2017.

The amount of Foreign Direct Investment (FDI) by South Korea to Turkey is around 881 million USD. On the other hand, according to South Korean statistics, which take into account investments through South Korean firms located in third countries, the FDI of Korea in Turkey is around 2.24 billion USD.

The number of visitors from South Korea to Turkey has reached 212.970 in 2019.