Market profile

The Republic of Korea (ROK, also known as South Korea) is home to some of the world’s largest and most diversified companies and is a dynamic and vibrant place to do business.

The ROKE has a population of 51.7 million and a gross domestic product (GDP) per capita of more than US$31,000. (Source: DFAT South Korea Factsheet 2019)

The ROK is Australia’s third largest export market, largely due to the county’s dependence on imported energy, resources and agriculture, and Australia’s fourth largest two-way trading partner. The level of investment between Australia and ROK has grown significantly over the past decade, from just A$600 million in 2003 to A$49 billion in 2018  (Source: DFAT South Korea Factsheet 2019).

Despite already being such a major market, there is untapped potential for Australian businesses in the ROK in other sectors. ROK consumers will continue to demand high quality food, beverage, consumer goods and education that Australia can provide.

Australian technology and services can help solve complex problems for its industry as it faces increasing competition from markets such as China and transitions from the sectors that have underpinned its growth to new areas such as medical technologies, hydrogen and fintech.

The Korea-Australia Free Trade Agreement (KAFTA) strengthens opportunities by improving market access for Australian companies, creating new services opportunities, enhancing protection for Australian investors in the ROK and safeguarding Australia’s competitiveness in this large market.

More information on doing business in the Republic of Korea

Korean Startup Ecosystem

The Korean Startup Ecosystem Guide provides an overview of Korea’s startup ecosystem, including its key startup industries and vast network of accelerators and co-working locations.

Republic of Korea's market insights and opportunities

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  • Merchandise exports A$24,436 million
  • Services exports A$2,210 million
  • Capital Seoul
  • Official language Korean
  • Area 97,350 sq km
  • Population 51.7 million

Visit The Republic of Korea


5 Apr 2022

Mega Aussie wine showcase takes Seoul by storm

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7 Jan 2022

Insight – Post-COVID-19 consumer food trends in Asia

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21 Dec 2021

Insight – Australia’s premium food and beverage impresses in Korea

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15 Dec 2021

Insight – The impact of Korean revised packaging and recycling requirements on Australian agrifood exporters

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14 Dec 2021

Serving Asia a sweet taste of Tru Blu Beverages

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Information provided by DFAT

Country brief

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

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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.

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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.

Protecting your IP overseas

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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 Home Affairs, the APEC Business Travel Card Scheme was developed to make travelling within the 21 APEC member countries much simpler and more efficient.

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