Exports were the key to South Korea's industrial expansion. Until 1986 the value of imports was greater than exports. This situation was reversed, however, in 1986 when South Korea registered a favorable balance of trade of US$4.2 billion. By 1988 the favorable balance had grown to US$11.4 billion. Financing this persistent, although not unexpected, gap between domestic and imported resources was a principal concern for economic planners. In the 1950s and 1960s, much of the trade deficit was financed by foreign aid funds, but in the last two decades, borrowing from and investment in international capital markets have almost completely substituted for economic aid.

Data as of June 1990

NOTE: The information regarding Korea, South on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Korea, South FOREIGN ECONOMIC RELATIONS information contained here. All suggestions for corrections of any errors about Korea, South FOREIGN ECONOMIC RELATIONS should be addressed to the Library of Congress and the CIA.