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Bangladesh and South Korea are forging increasingly strong economic and trade ties. Driven by duty-free benefits and proactive market exploration, the Export Promotion Bureau (EPB) reports that exports reached US$624 million in Fiscal Year 2023 and US$330 million in the first half of the Fiscal Year 20241. This growth, along with the Generalized System of Preferences (GSP) that grants tariff concessions, is presenting exciting opportunities for Bangladeshi businesses looking to export to South Korea.
However, navigating the export process successfully requires a clear understanding of the process and regulations involved. This guide provides how-to's and resources to help you navigate the complexities of shipping to South Korea, ensuring smooth transactions, full compliance, and success in this dynamic market.
Successfully exporting to South Korea heavily depends on selecting the right products. To know which products provide opportunities, you need to do thorough market research to analyze demand and competition and ensure compliance with import regulations.
Several sectors offer promising opportunities for Bangladeshi products in the South Korean market:
To further enhance your market research, consider these valuable resources for credible information:
To succeed in the South Korean market, understanding the country's consumer preferences is key. Korean consumers are discerning and place a high value on several factors:
But beyond these preferences, consumer behavior and cultural nuances also shape product demand and marketing strategies, such as:
Exporting to South Korea requires adherence to both Bangladeshi and South Korean regulations. A key advantage for Bangladeshi exporters is the GSP provided by South Korea. The GSP grants tariff concessions or duty-free access to a wide range of products exported from developing countries, including Bangladesh. This preferential treatment can significantly reduce import costs, making Bangladeshi products more competitive in the South Korean market.
However, to claim GSP benefits, you need to follow certain criteria8:
Preparing the essential export documents for shipping from Bangladesh is crucial for smooth customs clearance and successful shipping. Here are the essential documents you'll need when shipping to South Korea:
Compliance with the customs clearance process in Bangladesh and South Korea is essential to prevent shipment delays, fines, or potential rejection.
Proper packaging and labeling are essential to protect your goods during international shipping from Bangladesh and ensure they reach your South Korean customers in the same condition they were before shipping.
All labels must include essential information in Korean, such as the product name, ingredients (if applicable), manufacturer details, country of origin, and handling instructions. Additionally, your labels must adhere to relevant Korean labeling standards depending on the product, which may specify requirements for font sizes, label placement, nutritional information, expiration dates, and warning labels.
Getting your goods from Bangladesh to South Korea safely and on time is paramount. As such, choosing the right international shipping services is a critical decision that impacts both cost and efficiency.
Pros | Cons | |
Air freight | Fastest delivery option, ideal for time-sensitive goods like high-fashion garments or electronics, as well as perishable items requiring quick transport to maintain quality. Offers enhanced security and reduced risk of damage compared to sea freight. | Most expensive option, making it less suitable for large-volume or low-value shipments. |
Sea freight | Most cost-effective option, particularly for bulk shipments of raw materials, textiles, or furniture. Can accommodate oversized or heavy cargo that may not be feasible for air transport. | Longest transit times, potentially taking several weeks. Higher risk of damage or delays due to weather or port congestion. |
Express delivery | Offers a balance of speed and cost, suitable for small to medium-sized shipments requiring faster delivery than sea freight but with lower costs than air freight. This option is often preferred for items like samples, documents, or smaller batches of finished goods. Provides door-to-door tracking and reliable service. | There may be limitations on the size and weight of shipments compared to air or sea freight. It's best to check with the export service provider for specific restrictions and guidelines. |
With its strong economy, discerning consumers, and growing demand for various goods, South Korea offers a promising destination for Bangladeshi exporters seeking to expand their international reach. On top of that, the GSP further enhances this potential by providing valuable tariff concessions on eligible Bangladeshi products, making them even more competitive in this dynamic market.
To successfully navigate your export journey to South Korea, it's essential to conduct thorough market research, understand consumer preferences, comply with regulations, and partner with a reliable international logistics service provider like DHL Express.
Sign up for a DHL Express Business Account today, and let us help you start your export journey and unlock the potential of the South Korean market.
1. Exports to South Korea tripled in 5 years on duty benefits
2. Bangladesh retains 2nd largest RMG exporter ranking
3. South Korea Leather Goods Market Overview, 2028
4. Leather footwear exports hit 5-year high in Jul-Oct
5. South Korea: Reaching the consumer
6. Sector Trend Analysis – Fish and seafood trends in South Korea
7. South Korea: Reaching the consumer
8. Handbook On The Preferential Tariff Scheme Of The Republic Of Korea