South Korea is Australia's fourth largest overall trading partner with total two-way trade worth $38 billion in 2019.
Australian merchandise exports have grown to an extent where South Korea is now Australia's third-largest goods export market ($25.5 billion). As well as iron ore, coal, crude petroleum and copper and other ores, South Korea remains an important market for Australian beef, with exports valued at $1.5 billion in 2019.
Australian exports of services totalled $2.19 billion in 2019, which was mostly recreational and education-related travel. Education has been a major export, with South Korea now a strong source of foreign enrolments after China and India. Australia's export of education-related travel services to the ROK in 2020 totalled $984 million.
Like other mature markets in North East Asia there is a growing opportunity in premium food and beverage, together with agribusiness inputs for food manufacturing. ROK is also a technology giant and is aiming to transfer much or their energy needs across to renewable sources.
| Population | 51.6 million (2018) |
| GDP | $ 1,629 billion (2019) |
| GDP per Capita (nominal) | US$ 31,430 (2019) |
| GDP growth | 2.0% (2019) |
| Inflation | 0.5% (2019) |
| Key Industries | Automobiles, semiconductors, electronics, shipbuilding, and steel |
| Import Partners | China 19.9%, USA 11.0%, Japan 10.2%, Australia (6th) 3.9% (2019) |
| Export Partners | China 26.8%, USA 12.0%, Vietnam 8.0%, Australia (11th) 1.6% (2019) |
