DHL SOUTH KOREA FACT SHEET - Iberglobal

1 DHL SOUTH KOREA fact SHEETSOUTH KOREAN orth KoreaSeoulIncheonGangneungSamcheokBuyeoG unsanDaeguYeongdeokPohangGyeongjuGwangju MokpoMasanBusanJeju CityDHL GatewayMajor CityKEYC apital CityCountry ProfileCapitalSeoulPopulation49 million Area99,720 sq kmCurrency1 won (KRW) = 100 jeonGDPUS$ trillion (2013 est.)LanguagesKorean, EnglishEthnic GroupsHomogeneous, exempting 20,000 ChineseSource: CIA World FactbookDHL FACTSL ocations: 69 Gateways into the Country: 1 Number of Service Centres: 22 DHL Delivery Zone: 8 Vehicle Fleet: 426 OVERVIEWS ince the 1960s, SOUTH KOREA officially the Republic of KOREA has set world records in economic growth and development, underwritten by a focus on heavy industry and manufactured exports.

2 In 2009, the country became the first nation to go from being an Organisation for Economic Co-operation and Development (OECD) aid recipient to a member of its donor committee. Today, SOUTH KOREA is the world s twelfth-largest economy and leading global supplier of LCD screens, memory chips and mobile phones. The country s population is highly educated 74 per cent of SOUTH Koreans hold postgraduate-level degrees and technologically advanced with the world s highest level of broadband penetration. As a result, SOUTH KOREA obtained first place in Bloomberg s Global Innovation Index KOREA s government has several initiatives underway to foster sustainable economic growth.

3 This includes building on the success of sectors that are already globally competitive, such as construction engineering, but also expanding health care, tourism and financial services. The country is also developing its SME sector and aims to become one of the top ten business-friendly economies in the world, encouraging foreign investors through incentives such as tax support, simplified regulations and grants. SOUTH KOREA s economy grew per cent in 2013 and could achieve per cent growth in 2014 according to the Bank of KOREA ; by 2019, SOUTH KOREA s economy is set to be the tenth largest contributor to world KOREA s Free Trade Agreement (FTA) with the EU is estimated to be worth over 500 million to British business each year.

4 The country is a designated high growth market for the UK, and more than 150 British companies are already doing business in SOUTH KOREA . Sources: The Economist, Bank of KOREA , Bloomberg, , UKTIDHL SOUTH KOREA fact Sheet2 Source: DHL, CIA World FactbookUK to Country Transit TimesThe times provided for dutiable shipments are based on the time expected for customs in SOUTH KOREA to clear the shipment. This is contingent upon the value of the Non-Dutiable: 3 days Dutiable: 3 daysBusan Non-Dutiable: 3 days Dutiable: 3 daysGwangju Non-Dutiable: 4 days Dutiable: 4 daysUlsan Non-Dutiable: 3 days Dutiable: 3 daysSokcho Non-Dutiable: 5 days Dutiable: 5 daysTRADE INFORMATIONESSENTIAL CUSTOMS INFORMATIONThe UK- SOUTH KOREA Free Trade Agreement allows for a reduced or nil rate of duty for UK origin goods.

5 For further information on what documentation you need to provide to support the claim for duty relief, visit shipments (B2C) are declared as formal entry regardless of invoice value. De minimus clearance is not permitted. This includes articles of paper, printed books, apparel and clothing accessories, footwear, CDs/DVDs, furniture, lamps and lighting. KOREA Customs Service is very strict on undervalued shipments, vague descriptions ( sample, spare parts) and inaccurate company name/address, all of which can result in additional delays and penalties.

6 General correspondence (business or private) is under strict Customs supervision to detect illegal goods concealed as document items, as specified below, are subject to quarantine inspection by SOUTH KOREA s Animal and Plant Quarantine Agency (QIA); approval by SOUTH KOREA s Ministry of Food and Drug Safety (MFDS); approval by SOUTH KOREA s Ministry of Health and Welfare (MOHW); or approval by SOUTH KOREA s National Radio Research Agency (RRA).Exports from SOUTH KoreaUS$ billion (2013 est.)Export commodities Semiconductors, wireless telecommunications equipment, motor vehicles, auto parts, computers, display, home appliances, wire telecommunication equipment, steel, ships, Export Destinations USA, China, Japan, Hong Kong, Russia, Germany.

7 Imports into SOUTH KoreaUS$ billion (2013 est.)Import commodities Machinery, electronics and electronic equipment, oil, steel, optical instruments, transport equipment, organic chemicals, Import Origins USA, China, Germany, Hong Kong, UK, Japan, Italy, an estimate of landed costs (duties, taxes and other import fees) for shipments going to the SOUTH KOREA , use the free DHL Express Trade Automation Services (TAS) tool. TAS also provides information on regulation compliance and trade ItemsThe list below is in addition to DHL s standard list of prohibited items.

8 Asbestos Cancelled cheques (NI) if in a bearer form Dangerous goods, hazardous or combustible materials Goods from the Democratic People s Republic of KOREA (North KOREA ), including propaganda Firearms, or parts of Soil & soil samples Toy gunsDUTY FREE ALLOWANCE US$ 100 DHL SOUTH KOREA fact Sheet3 Restricted ItemsAlcoholic beverages Formal import: subject to quarantine inspection by QIA; receiver must have import licence. Samples imported by licensed companies for private consumption: 1 bottle can be imported without quarantine inspection, though formal clearance is required.

9 Receiver needs to pay liqueur tax regardless of invoice value. Total amount should not exceed US$ 400. Animal products, including cosmetics with bovine componentsUnprocessed: Subject to quarantine inspection by QIA. Shipper to provide quarantine inspection report on collection at country of products: receiver to provide Certificate of Non-BSE (Bovine Spongiform Encephalopathy) Product from MFDS. Licensed importers: provide recommendation from related skinsSubject to quarantine inspection by QIA. Artwork including drawings / proofs / layouts Artwork including drawings: ship as goods.

10 Artwork including proof/layout: ship as Substance Category B, UN3373 Adhere to the International Transport Association s (IATA) Dangerous Goods & circuit boards, communications & telecommunications equipment, computer components & parts, electronic equipment including MP3 players, printers & IT equipment, phones / modems and radios including radio equipment / partsRRA certification required. Certain items will require certification by SOUTH KOREA s Law of Electrical Appliance Safety Management or Law of Electrical Communications Apparatus; contact DHL Customer Services before shipping for more finished goods including footwear, clothes and bagsIf value exceeds US $100: state trademark /brand name on the invoice.