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Understanding South Korea's unique laws and regulations is crucial especially when you are looking to export products out of the Philippines there. While specific product requirements may vary, it's important to keep general considerations in mind. To help you navigate the process more easily, we have created a comprehensive guide to South Korea's export regulations in this article.
As the fourth largest economy in Asia and 10th in the world, South Korea is a major player in international trade and finance. Given this status, it's no surprise that the country joined the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement with 14 other Indo-Pacific countries that is the largest in history. The RCEP aims to provide preferential market access and reduce trade transaction costs for businesses, including those in ASEAN countries such as the Philippines, Singapore, and Thailand.
In December 2022, the Philippines saw a 22.4% increase in exports to South Korea, reaching a total of US$400 million, according to Observatory of Economic Complexity (OEC) statistics. Among the top exports from the Philippines are electrical machinery and electronics, machinery, mechanical appliances, copper articles, as well as edible fruits, fruit peels, and nuts. According to a report by The Business Inquirer, the Philippines is also looking forward to implementing a free trade agreement (FTA) with South Korea next year, which is expected to benefit local exporters of bananas and processed pineapples through reduced tariffs. With this bilateral pact on the horizon, the already thriving trade relationship between the two countries is set to become even stronger.
For those searching for new export markets to explore this year, South Korea is worth considering. This exporting guide provides a comprehensive breakdown of the information you need to know before you export goods and shipment into South Korea.
¹ Reuters. February 2023
² Global PEO Services. 2022
³ Business Inquirer. October 2022
⁴ OEC. December 2022
⁵ Business Inquirer. October 2022
⁶ International Trade Administration. August 2022
⁷ Food Navigator Asia. April 2022
¹¹ ASEAN Briefing. June 2022