Market profile

Korea is Australia’s third largest export market, ahead of India and the USA. It is also Australia’s fourth largest two-way trading partner. (Source: Department of Foreign Affairs and Trade, DFAT country profile 2013 18 Mar 2015)

With a population of 50 million and a gross domestic product (GDP) per capita of more than US$24 000, (Source: Department of Foreign Affairs and Trade, DFAT country profile 2013, 18 Mar 2015). Korea is the 12th largest economy in the world and the fourth largest in Asia. (Source: Central Intelligence Agency, CIA country profile 2013, 18 Mar 2015)

to the International Monetary Fund, the country’s economic growth is projected to accelerate from 3.7 per cent in 2014 to four per cent in 2015, one of the highest growth rates of all advanced economies. (Source: International Monetary Fund, Regional Economic Outlook Asia and Pacific Apr 2014)

The government is undertaking a number of initiatives to address the nation’s long-term economic and social challenges such as an ageing population, food security, acute energy requirements and a need to internationalise its workforce.

This offers major prospects for Australian firms to supply Korea with the goods and services it requires during this time of significant change. The Korea-Australia Free Trade Agreement (KAFTA) strengthens these opportunities by improving market access for Australian companies, creating new service opportunities, enhancing protection for investors in Korea and safeguarding competitiveness in this large market.

Under KAFTA, tariffs have been eliminated on 84 per cent of Korea’s imports (by value) from Australia. On full implementation of KAFTA, 99.8 per cent of Australian exports will enter Korea duty free.

More information on doing business in the Republic of Korea

Republic of Korea's market insights and opportunities

Read full transcript


  • Imports from the Republic of Korea A$12,447 million
  • Exports to the Republic of Korea A$22,053 million
  • Capital Seoul
  • Official Language Korean
  • Area 99,000 sq km
  • Population 50.4 million



North Asia Free Trade Agreements Information Seminar – Hobart, TAS
3 Feb 2017
North Asia Free Trade Agreements Information Seminar – Hobart, TAS
North Asia Free Trade Agreements Training Session for SMEs - Port Macquarie
15 Feb 2017
The Centre for Customs and Excise Studies, Charles Sturt University: a training program to help smal ...
North Asia Free Trade Agreements Training Session for SMEs - Selling your goods to China: Overview - Melbourne
16 Feb 2017
This Victorian Chamber of Commerce and Industry workshop will take you through the key trends and op ...
North Asia Free Trade Agreements Training Session for SMEs - Adelaide
20 Feb 2017
Business SA: Understand and Utilise FTAs – Maximising your export opportunities and benefits in Chi ...

More Events

Country information provided by DFAT

Country brief

A comprehensive overview of political, economic and bilateral and regional trade agreements.

» read more at DFAT

Trade and economic fact sheet

Containing general information, recent economic indicators, Australia’s trade and investment relationship with Republic of Korea and their global merchandise trade relationship that is updated twice a year.

» read more at DFAT


Australia's trade at a glanceAustralia's top ten trading partners

Free Trade Agreement

Information on Trade Agreements in force and in negotiation, plus market videos detailing insights and opportunities.

» read more at DFAT

Business risks

Bribery of Foreign Officials

Bilateral agreements

Australia has social security agreements with several countries that address the issue of 'double super coverage' for employees sent to work overseas. To take advantage of these agreements, Australian employers sending employees overseas to work must apply to the Tax Office for a Certificate of coverage.

IP Passport fact sheets

These fact sheets outline foreign Intellectual Property (IP) regimes and some of the issues and challenges which may be faced by Australian exporters.

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government.

APEC Business Travel Card Scheme

Managed by the Department of Immigration, the APEC Business Travel Card Scheme was developed to make travelling within the 21 APEC member countries much simpler and more efficient.

Are you ready to export?

Austrade’s International Readiness Indicator.

An online tool for new exporters that has been designed to help Australian businesses determine whether their business is ready for exporting.

Test Your Readiness

Become an Austrade member

Here are some benefits of being a member:

  • Create email alerts
  • Quick event registration
  • Set country and industry preferences

Join Austrade Today

Export grants

Need help with preparing and lodging your application? We can provide independent consultants to assist.

EMDG applications can be lodged by approved consultants.

Visit the Consultants page

How Austrade can help

Austrade provides information, advice and range of trade services to assist Australian businesses reduce the time, cost and risk associated with exporting.

Help from Austrade