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.
When shipping a container to South Korea, you will have to make some choices related to shipping volume; that volume can help determine your best option. Greater volume indicates a need for a full container load (FCL), while smaller volumes can often be accommodated by groupage.
If your shipping volume is equal to at least half a container, then a FCL will be your best option. A 20-foot container carries 10 standard pallets, while a 40-foot container takes 22 standard pallets-so a shipment of at least six standard pallets calls for FCL.
Even if your volume is smaller, FCL is still your best option if you are concerned about any risk of damage that could be caused by your merchandise coming into contact with other exporters’ goods.
If this is not a concern, then you may want to opt for groupage-a shared container (less-than-container load, or LCL). It’s a cost-effective option, as you will pay only for the space you need. Consult iContainers for rates and other important information.
While air freight does come with some limitations in terms of volume and weight, it may be a more appropriate option for your needs than ocean freight if you are on a tight schedule. iContainers provides a calculator to help you determine whether this is the right option for you.