South Korea has the remarkable history of financial development. In 1960's, this country was ranked among the poorest countries of the world. South Korea now ranks as the 11th largest economy in the world by nominal GDP. South Korea had one of the greatest economies from early 1960's till late 1990's and still is listed as one of the largest economies of Asian market as well as Global market.
Policy of Industrialization
South Korean Government play a beneficial role in the financial development by introducing the policy of Industrialization and their rare focus on the Production of Commodities for foreign markets. In 2014, through the strong firms of Exporting and Production of Commodities South Korea is ranked as the 13th largest economy with its great economic market. South Korea succeeded to expand the production processes such as Electronic Consumer supplies, cultural products, vehicles, ships and industrial goods and introduced its products to the International markets.
Export System in South Korea
Exporting of the high quality products and commodities make this country to stand among the world developed countries.
Products Exports:
In 2014, South Korea was the fifth largest economy of the world by the export of nearly $573 billion in merchandise. South Korea specializes in exporting all kind of goods including consumer and industrial products, commodities, textile goods, food stuffs and chemical products. It exported nearly $ 11,400 goods for men, women and children and these export figures are very large if compared with the U.S which exports $5100 goods in the same phase. In 2014, South Korean top exports include $56 billion Semiconductors, $48 billion Refined Petroleum products, $43.5 billion vehicles, $22.5 cargo and passenger ships and $22 billion LCD screens. Well known Semiconductors and Electronic firms of South Korea are Samsung, SK Hynix, LG, heavy industrial automotive brands like Hyundai and Hanjin Group of Companies and Auto Industry brands such as KIA Motors and Hankook Tire.
Service Exports:
The major service exports of South Korea are Transportation services and Tourism, Licensing of Cultural and Entertainment products and Financial Services. Cultural and Entertainment export products of South Korea include Music, Television and Film Licensing, which is marked as the outcome for the success of export system of South Korea for many years. Recently in 2014, South Korea exported $106 billion Service export products and get 9th position among the world largest economies. Korean TV Dramas and Korean Music became very popular across Asian regions in the late 1990's and are praised and watched in most of the regions of Asia. Blockbuster video movie, Gangnam Style is one of the great successes of South Korean Pop
Culture and success in doing great Business all across Asia:
In 2014, South Korea is ranked as the largest export oriented economy both in terms of Product Exports and Service Exports. Total exports of South Korea according to the results from the analysis of 2014 are 50.6 % of its GDP (Gross Domestic Products), which is higher from U.S, Germany and China. It shows that most of the role in the financial development is played by Exportation of products to the Asian market as well as Global market. South Korean economy fell in 2019's first quarter but that's probably a side effect from the big US led trade war that's happening.