South Korea is a developed country with a high-income economy, and is the most industrialized member country of the OECD. Its economy ranks 13th in the world by GDP, identifying it as one of the major economies in the G-20. Your business strategy should involve learning more about how to export from the US to South Korea.
During the recent global financial crisis, South Korea was one of the few developed countries to avoid a recession. Its economic growth rate reached 6.2 percent in 2010, a marked recovery from economic growth rates of 2.3 percent in 2008 and 0.2 percent in 2009, when the global financial crisis hit.
South Korea’s economy was one of the world’s fastest-growing from the early 1960s to the late 1990s, and it is still one of the fastest-growing developed countries. Those seeking to export from the US to South Korea should note that South Korea’s economy is heavily dependent on international trade; in 2014, it was the world’s fifth-largest exporter and seventh-largest importer.