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Overview of the Construction and Mining Industry in South Korea and How to Buy Equipment.

South Korea

South Korea is an East Asian in the southern half of the Korean peninsula.

South Korea has a population of 51.71 million.
Capital: Seoul.
Official Languages: Korean
Total Area: 100,210 km²
Currency: South Korean won (₩)

Economic Statistics of South Korea

In 2019, South Korea had a Gross Domestic Product (GDP) of 1.65 trillion USD. The country is among the world’s leading exporters and has one of the fastest-growing economies.

The per industry share in the GDP is:

Here’s how the GDP is divided among economic sectors.

Agriculture: 1.69%
Industry: 32.97%
Services: 56.77%

Trade Statistics

The main import-export partners of the country are:

Major Import Partners

China: 26.81%
The United States 12.08%
Vietnam: 8.04%
Hong Kong, China: 7.60%
Japan: 5.05%

Main Export Partners

China: 19.90%
Japan: 10.20%
United States: 11.04%
Saudia Arabia: 4.92%
Germany: 4.92%

Industries of South Korea

Mining Industry of South Korea

South Korea is a leading global producer of cadmium, steel, slab zinc. Regionally, it leads with the production of talc, zeolites, refined copper, pyrophyllite, and cement.

The domestic Korean natural resources amount to 13.2 billion tons. This includes 100 million tons of 13 different metallic minerals and 11.7 billion tons of 19 different nonmetallic minerals.

In 2020, the mining sector contributed 1.85 trillion South Korean won to the GDP. All stats suggest that the industry revenue from several industry parts is expected to increase by 2024.

This means that the mining and mineral processing equipment market will also remain active. Whether you are directly involved in the mining sector or just a supplier of equipment, Camamach has got you covered with top-branded mining equipment at competitive rates.

Construction Industry of South Korea

The construction industry is a major contributor to the GDP of South Korea. It added about 88 trillion South Korean won to the economy in 2020. To give you an idea of the industry’s size, 2019 accounted for 237 thousand construction permits.

The country was able to ride out the COVID-19 pandemic considerably better than others – they didn’t have to impose nationwide lockdowns. This saved the construction industry from a considerable decline. The statistics show that the industry is expected to pick up the pace, growing by an average of 3.7% in the 2021-2024 time period.

This clearly indicates a booming market and demand for high-quality construction equipment. Luckily for you, Camamach stocks only the best and that too at competitive rates.

Seaports and Trading Hubs of South Korea

The main 5 seaports of South Kore are:

The Port of Busan
Port of Gunsan
Port of Donghae
Port of Incheon
Port of Gwangyang

For imports, Camamach uses the Port of Busan.

What heavy machinery or equipment does South Korea Import?

South Korea has some of the world’s highest mineral deposits. The mining sector has a major impact on economic performance. The construction sector is expected to expand as well. Some imported machinery includes Beneficiation Equipment, Mobile Crushers, Grinding Equipment, Heavy Duty Trucks, Concrete Batching Plants, etc.

What regulations are there on importing equipment to South Korea?

South Korea has an import declaration system managing the imports to the country. If the import declaration is accepted by the customs, the goods are immediately released.

Documentation

The required documentation includes:

Certificate of Origin
Commercial Invoice
Packing Lists
Bill of Landing
Maritime Insurance
Import Declaration
Special Documentation

For details on the purpose of these documents and import tariffs, along with a step-by-step guide on import clearance, you can visit this official government website.

Why should South Korea import equipment?

Availability: International suppliers usually have more equipment than local manufacturers. There are no shortage issues.
High Equipment Cost: Domestic producers are often more costly than international suppliers.
Equipment Quality: International vendors consider every variable and provide a range of other advantages that consumers favor in the long run.

Where Can I Buy Equipment for South Korea?

Camamach has years of exporting experience in South Korea. Feel free to contact us at [email protected] or WhatsApp us at +86-131-2037-9271 for a FREE quotation. We also ship worldwide; for other countries, check out our experience here.