Country Facts - South Korea

The People

Nationality

Korean(s)

Ethnic Composition

Ethnic Koreans	99.96%
Ethnic Chinese	0.04%

Religious Composition

Christian	49%
Buddhist	47%
Confucianist	3%
Shamanist, Chondogyo (Religion of the Heavenly Way)	1%

Buddhism is not technically a religion but, like Taoism and Confucianism, a philosophy...

Languages Spoken

Spoken Korean is the official language, although English is a mandatory second language taught in schools.

Education and Literacy

Six years are compulsory and free to the public, while 87 percent of qualified students attend through secondary school. Currently, 98 percent of the population over the age of 15 is considered literate.

Labor Force

Total: 22 million (2001)

By occupation:

Services	69%
Industry	21.5%
Agriculture	9.5%

Geography

Land Mass Total

38,023 sq mi (98,480 sq km)

Land

37,911 sq mi (98,190 sq km)

Water

111 sq mi (290 sq km)

Land Boundaries

Total: 147 mi (238 km)

Border countries: North Korea 147 mi (238 km)

Coastline

1,499 mi (2,413 km)

Maritime claim

Contiguous zone: 24 nm
Continental shelf: Not specified
Exclusive economic zone: 200 nm
Territorial sea: 12 nm; between 3 nm and 12 nm in the Korea Strait

Climate/Weather

Temperate, with rainfall heavier in summer than winter

Terrain

Mostly hills and mountains; wide coastal plains in west and south

Elevation extremes

Lowest: Sea of Japan 0 ft (0 m)
Highest: Halla San 6,397 ft (1,950 m)

Natural Resources

Coal, tungsten, graphite, molybdenum, lead, hydropower potential

Land use

Arable land	17%
Permanent crops	2%
Other	81%

(1998)

Natural hazards

Occasional typhoons bring high winds and floods; low-level seismic activity common in southwest.

Environment - current issues

Air pollution in large cities; water pollution from the discharge of sewage and industrial effluents; drift net fishing

Geography Note

Strategic location on Korea Strait

Demographics

Population

48.324 million (July 2002)

Age structure

0-14 years:	21.4%	Male: 5,488,808	Female: 4,875,379
15-64 years:	71%	Male: 17,404,645	Female: 16,894,361
65 years and over:	7.6%	Male: 1,434,873	Female: 2,225,934

(2002))

Growth Rate

0.85% (2002)

Life Expectancy

74.88 years (2002)
Female: 78.95 years
Male: 71.2 years

GDP Per Capita

Purchasing power parity
US$18,000 (2001)

Infant Mortality

7.58 deaths/1,000 live births (2002)

Sex ratio

At birth:	1.11 male(s)/female
Under 15 years:	1.13 male(s)/female
15-64 years:	1.03 male(s)/female
65 years and over:	0.65 male(s)/female
Total population:	1.01 male(s)/female

(2002)

Net migration rate

0 migrant(s)/1,000 population (2002)

Economy & Trade

As one of the Four Tigers of East Asia, South Korea has achieved an incredible record of growth. Three decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is seven times India's, 17 times North Korea's, and comparable to the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed certain longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged by 6.6 percent in 1998, then strongly recovered to plus 10 percent in 1999 and 9 percent in 2000. Growth fell back to 3.3 percent in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms have stalled. Things had picked up by 2002 as GDP growth jumped to 5.75 percent, and it is expected to surpass 6 percent in 2003. Unemployment holds in the 3 percent range, and foreign direct investment grew by over 8 percent in 2002 with better expected through 2004. All of South Korea's fiscal prospects are still dependent on what happens with its recalcitrant cousins to the north.

Unemployment

3.9% (2001)

Inflation Rate

4.3% (2001)

Industries

Electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing

Exports

US$168.3 billion (f.o.b., 2001)

Imports

US$152.3 billion (f.o.b., 2001)

Total Trade

Purchasing power parity
GDP US$865 billion (2001)

Top Export Partners

US 21.8%, Japan 11.9%, China 10.7%, Hong Kong 6.2%, Taiwan 4.7% (2000)

Top Import Partners

Japan 19.8%, US 18.2%, China 8%, Saudi Arabia 6%, Australia 3.7% (2000)

Top Exports

Electronic and electrical equipment, machinery, steel, automobiles, ships, textiles, clothing, footwear, fish

Top Imports

Machinery, electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains

Debt - external

US$120.5 billion (2001)

Economic aid

N/A

Fiscal Year:

Calendar year

Business Workweek

	Monday - Friday	Saturday - Sunday
Offices	9a.m. to 6p.m.	Saturday 9a.m. to 1p.m.
Retail	10a.m. to 7p.m.	Saturday 10a.m. to 7p.m. Many stores also are open on Sundays.
Banks	9:30a.m. to 4:30p.m.	Closed
Government	9a.m. to 6p.m.	Saturday 9a.m. to 1p.m.

Holidays

Official Holidays

Holidays	2003	2004	2005
New Year's Day	January 1	January 1	January 1
Folklore Day	February 3	February 3	February 3
Taeborum	February 26	February 26	February 26
Independence Day	March 1	March 1	March 1
Labor Day	March 10	March 10	March 10
Arbor Day	April 5	April 5	April 5
Children's Day	May 5	May 5	May 5
Buddha's Birthday¹	May 8	May 26	May 24
Memorial Day	June 6	June 6	June 6
Tano	June 15	June 15	June 15
Constitution Day	July 17	July 17	July 17
Liberation Day	August 15	August 15	August 15
Mid-Autumn Festival (Ch'usok)²	September 11	September 28	September 18
National Day	October 3	October 3	October 3
Christmas Day³	December 25	December 25	December 25

¹	Buddhist celebration commemorating the birth, enlightenment, and entry into Nirvana of Gautama Buddha. Dates are determined by the first full moon in May.
²	Known as the Harvest Moon Festival, and marked by family reunions, celebrations take place on the 15th day of the 8th month of the Chinese calendar.
³	Christmas celebrates the birth of Jesus Christ. In A.D.320, Pope Julius I fixed the date at December 25 based on the Gregorian calendar. The Orthodox church calculates Christmas using the Julian calendar and celebrates 13 days later on January 7.

Country information used by permission of World Trade Press