Korea’s international transformation in perspective

Overview

Korea’s development strategy from the 1970s targeted the expansion of trade with major developed economies, especially the US. During the past 20 years Korean trade has been refocused towards Asia: starting from almost nothing in 1990, China is now the leading market for Korean goods, accounting for over one-quarter of total exports. Trade with other Asian economies has been sustained, accounting for a market share of just under 20 per cent today. The relative importance of the US,...