South Korea’s Economy
Agenda                 AsianMiracle on                    Industrial     Sectorial               FinancialHan River       ...
Miracle on the Han River
ReasonsExport fuelled economic growthIndustrialization, education boom, rise in living standardsUrbanization, modernizatio...
Revenue Growth
Some Figures                   Real GDP     1960                                1989US$30.3 billion     8.7% per year   US...
GrowthOutward looking strategy in 1960Counter - poor natural resource endowment, highsavings rate, tiny domestic rateInflo...
Financial StabilityGovernment Intervention reducedLiberalization of imports and foreign investment policiesHigh investment...
GDP                                         GDP (officialGDP (purchasing    GDP - real growth   exchange rate): power pari...
Labor ForceLabour force• 24.35 million (2008 est.) [Total Population of 50.06 million]
Labor Force Ranking
Other DetailsPoverty Line• Total population below poverty line: 15%Household income or consumption bypercentage share:• Lo...
High tech industries      Samsung Group      • Worlds largest conglomerate      • High Tech Electronics      Hyundai-Kia  ...
Asian Financial Crisis
Asian Financial Crisis     It    • a shortage of foreign exchange ininvolves     Asian countries           • inadequately ...
Impact on South KoreaIn return for IMF emergencyloans, Korea agreed to severalconditions and reforms:                     ...
Industrial Policies of South Korea
1960-2000         • Emphasis on exporting products from Light Industries e.g.1960’s     textiles         • Export promotio...
R&D Expenditure in Billion won6000500040003000                                   R&D Expenditure in Billion won20001000   ...
2000’s  Exports of semi-conductors increased • Increase was from US$4.0 billion in 1989 to US$26.5 billion in   2004 -10.4...
Sector-wise analysis
Energy sectorEnergy used in power generation consists primarily ofoil, coal, nuclear & LNGLimited domestic energy resource...
Agriculture sectorHeavily dependent on imported agricultural commoditiesAgricultures share of GDP has steadily declined to...
Tourism sector1988 : a boom year for tourism industryContinuation of trend in subsequent years & the 2002FIFA World CupInc...
Industrial sectorHyundai Kia Automotive Group is the worlds fourth largestautomaker, after Toyota, GM and VolkswagenAfter ...
Macro Economic Indicators
GDP and Growth RateDefinition • The sum of the value of new, final goods produced within the domestic borders of an   econ...
GDP and Growth Rate(contd…..)
Inflation RateDefinition:                      Well known measures:• A general increase in prices   • Consumer Price Index...
Inflation Rate (Contd…..)
Unemployment RateLabour force v/s non labour force:• Labour force: The number of people employed plus the number  unemploy...
Unemployment Rate (Contd….)
Fiscal Policy
Pre 1997 eraThe average growth rate in Korea had been wellabove 7% before 1997The government had a very low external debtB...
External Debt                                    External Debt in $Bn450400350300250200150100 50  0      1991 1992 1993 19...
Present policiesThe fiscal policy for 2010 is at 2.9% of the GDPIn order to fight recession the Korean governmenthas decid...
Monetary Policy
Key PointsStock prices                                                                  Pace of    and                    ...
Interest Rates
Critical QuestionsTwo Critical Questions StillRemains• When will South Korea tighten  up its monetary policy?• How Current...
Expenditure and Revenue
ExpenditureGovernment Spend is relatively very less comparedto rest of the countries.Mainly the expenditure is intoInfrast...
Revenue Tax, mainly indirect taxes Disinvestment in Electrification, banking, communication and Manufacturing, but still r...
Banking and Financing structure
Central Bank   2 parts of financial system:              Central bank:• Monetary institutions: Central   • Established on ...
Financing History : A timeline1960s:• Foreign credit based which decreased towards 1980s• Generated need for domestic savi...
History.. continuedCommercial banks focused on short term loansNewer sources of funding for commercial banksRelaxation of ...
Banking sector today Banks are largely no longer handmaidens to the chaebol Big Four •   Kookmin Bank (KB ) •   Shinhan Fi...
Other indicators : energyscenario                               Hydropower   Oil: fifth:                                 a...
Currency - won
All @WonThe won (원) (sign: ₩; code: KRW) is the currency of SouthKoreaSubunit: 1 Won= 100jeonTheoretical (not used)Coins₩1...
First South Korean wonThe won was first used between 1902 and 1910Japanese invasion in 1910 : The won was replaced at par ...
Pegs for the first South Koreanwon           Date introduced          Value of U.S. dollar in wonOctober, 1945            ...
HwanFirst South Korean won was replaced bythe hwan on February 15, 1953In 1959, coins were introduced in denominations of ...
Second South Korean wonThe won was reintroduced on June 9, 19621, 5, 10, 50, 100 and 500 won notes were introduced by the ...
FX Rates                    Wednesday, February 03, 2010                             1 KRW                 in KRWAmerican ...
S. Korean Won to US DollarCurrency Exchange Rate            Past Trend Present Value        S. Korean Won per One U.S. Dol...
South Korea:FOREX and GOLD reserves
FOREX and GOLD reservesrankings Year   Reserves of foreign   Rank   Percent Change        exchange and gold 2004   $155,40...
South Korea in News forFOREXSouth korea’s National Pension Service(NPS)announced that official foreign reserves stood atre...
Foreign Economic Policy
Exports
Exports
Imports
Imports
International Involvement  APEC – Asia-Pacific Economic  Cooperation  Relationship with US  • KORUS FTA 2006  North-South ...
Thank You
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  • Korea is heavily dependent on imported agricultural commodities due to limited domestic agricultural capacity.Total imports of agricultural, fishery and forest products in 08 totaled $22 billion, of which $6.3 billion (or 28.5%) was from the United States. Korea is the fifth largest market for U.S. agricultural products. Key U.S. exports to Korea include corn ($2.4 billion), wheat ($660 million), hides and skins ($300 million), pork ($209 million), beef ($165 million) and soybeans ($240 million).Agriculture's share of GDP has steadily declined to about 3 percent as the amount of agricultural land and the rural population has decreased in the past two decades. This trend is expected only to accelerate in the future. People are leaving the rural areas because of a lack of jobs, income, educational opportunities, medical support and modern housing. Those involved in agriculture account for only 6 percent of the labor force and 63 percent are over the age of 60.2
  • South Korea's hosting the 1988 Seoul Olympics made 1988 a boom year for tourism. More than 2 million tourists spent US$3.3 billion, an increase in the number of tourists and the dollars spent, respectively, of 24.9 percent and 42.2 percent over 1987 Japanese visitors accounted for 48 percent of the total; tourists from the United States made up 14.9 percent.This trend continued in subsequent years, with 2.95 million foreign visitors arriving in 1990 and 3.8 million in 1995. After the FIFA World Cup in 2002, tourism to South Korea was much promoted throughout the world
  • The growth of the industrial sector was the principal stimulus to economic development.MS Oasis of the Seas, the world's largest passenger ship, was built in Finland by South Korean shipbuilding group STX Europe. South Korea is the world's largest shipbuilderSouth Korea's KTX-II is the world's fourth high-speed train to surpass the 350km/h mark.
  • "Won" is a cognate of the Chinese yuan and Japanese yen. All three names derive from the Chinese character 圓(원), which means "round shape." The won was subdivided into 100 jeon (Hangul: 전; Hanja: 錢; RR: jeon; MR: chŏn), which means "money"; this word is also of Chinese origin and refers to the bronze and copper coins of old.. After the Japanese invasion in 1910 and subsequent occupation, the won was replaced at par by the yen, made up of the Japanese currency and banknotes of the Korean yen.In 1945 after World War II, Korea became divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon. Only banknotes were issued, initially circulating alongside banknotes of both the Japanese and Korean yen and Japanese coins.BanknotesIn 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1000 won notes. The designs were similar to those of the yen notes from the Japanese occupation period. However, there were two subtle and important differences. The new notes replaced the paulownia, the badge of the government of Japan, with the five-petalled Rose of Sharon, South Korea's national flower. The clause referring to exchangeability with the Japanese yen was also removed.A new central bank, the Bank of Korea, was established in 1950, and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, 100 and 1000 won. 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.
  • Only bank notes were issuedalongside banknotes of both the Japanese and Korean yen and Japanese coins.
  • The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean war. 
  • ISO 4217 is the international standard describing three-letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary Fund.[2] Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes were printed in the U.K.With the economic development from the 60s the value of the 500 won notes became lower, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones.[3] In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.Higher denomination notes of 5000 won and 10,000 won were introduced in 1972 and 1973 respectively. 
  • ISO 4217 is the international standard describing three-letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary Fund.[2] Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes were printed in the U.K.With the economic development from the 60s the value of the 500 won notes became lower, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones.[3] In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.Higher denomination notes of 5000 won and 10,000 won were introduced in 1972 and 1973 respectively. 
  • South Korea's reserves of major currencies last hit a record high in November but fell in December as the yen and euro weakened, reducing their value in dollar terms. The reserves are largely invested in securities and deposits, according to the central bank. A small component is a notional currency called Special Drawing Rights which are overseen by the International Monetary Fund. Gold accounts for the smallest portion. South Korea's reserves had peaked at $264.25 billion in March 2008 but declined to $200.51 billion in November. In October of that year they recorded their biggest monthly decline on record $27.4 billion as authorities dipped into the pool of cash to battle the effects of the global credit crisis. The reserves steadily rose again as the global financial system stabilized. As of the end of December 2009 the reserves remained the world's sixth largest behind those of China, Japan, Russia, Taiwan and India. The country's foreign reserves had declined for the eighth straight month in November as the foreign exchange authorities tapped their dollar holdings to bolster the sliding local currency and ease a dollar crunch.
  • This entry gives the dollar value for the stock of all financial assets that are available to the central monetary authority for use in meeting a country's balance of payments needs as of the end-date of the period specified. This category includes not only foreign currency and gold, but also a country's holdings of Special Drawing Rights in the International Monetary Fund, and its reserve position in the Fund.Source:CIA World Factbook
  • South korea final

    1. 1. South Korea’s Economy
    2. 2. Agenda AsianMiracle on Industrial Sectorial FinancialHan River Policies Analysis Crisis Macro Expenditures Monetary Economic Fiscal Policy and Policy Indicators RevenuesBanking and Foreign Financial Currency Policy Structures
    3. 3. Miracle on the Han River
    4. 4. ReasonsExport fuelled economic growthIndustrialization, education boom, rise in living standardsUrbanization, modernization, 1988 Seoul OlympicsTransformed from ashes of Korean war to a trillion dollareconomy
    5. 5. Revenue Growth
    6. 6. Some Figures Real GDP 1960 1989US$30.3 billion 8.7% per year US$340.7 billion 1960 GDP per capita 1989 US$1226 US$8029
    7. 7. GrowthOutward looking strategy in 1960Counter - poor natural resource endowment, highsavings rate, tiny domestic rateInflow of foreign capital was encouragedConservative monetary policy and tight fiscal policyin 1980’s
    8. 8. Financial StabilityGovernment Intervention reducedLiberalization of imports and foreign investment policiesHigh investment in public projectsDouble digit inflation bought under controlFirst surplus in 1986, US$7.7 billion in 1987 and US$11.4 billionin 1988
    9. 9. GDP GDP (officialGDP (purchasing GDP - real growth exchange rate): power parity): rate: $947 billion (2008 est.) $1.335 trillion 2.2% (2008 (2008 est.) est.) $1.306 trillion 5.1% (2007 Rank: 15 (2007 est.) est.) $1.243 trillion 5.2% (2006 (2006 est.) est.)
    10. 10. Labor ForceLabour force• 24.35 million (2008 est.) [Total Population of 50.06 million]
    11. 11. Labor Force Ranking
    12. 12. Other DetailsPoverty Line• Total population below poverty line: 15%Household income or consumption bypercentage share:• Lowest 10%: 2.7%• Highest 10%: 24.2%
    13. 13. High tech industries Samsung Group • Worlds largest conglomerate • High Tech Electronics Hyundai-Kia • South-Korea: In top 5 Automakers Display-Electronics • Worlds largest maker of LCD, Plasma, LED, CRT Shipbuilding • Worlds largest Shipbuilding industry • Hyundai and Samsung Heavy Industries
    14. 14. Asian Financial Crisis
    15. 15. Asian Financial Crisis It • a shortage of foreign exchange ininvolves Asian countries • inadequately developed financial four sectors in the troubled Asian economies basic • effects of the crisis on both theproblems United States and the world • the role, operations, and or replenishment of funds of the International Monetary Fund. issues:
    16. 16. Impact on South KoreaIn return for IMF emergencyloans, Korea agreed to severalconditions and reforms: upgrading Reducing Increasing accounting Control current international and inflation deficit reserves disclosure standards
    17. 17. Industrial Policies of South Korea
    18. 18. 1960-2000 • Emphasis on exporting products from Light Industries e.g.1960’s textiles • Export promotion measures e.g. tax deductions and export finance schemes • Focus shifted from LI to the build-up of high value-added HCI1970’s sector • Preferential policy loans, selective protection, entry regulations, and corporate tax deductions • Direction of industrial policy changed toward R&D in economic development1980’s • Export-led growth strategy was continued in sectors Semi- conductors, automotives, shipbuilding, metal, and small-sized aircrafts • Promotion of IT and biotechnology and development of SMEs1990’s • Enactment of the Special Law on Innovation of Science and Technology in 1997
    19. 19. R&D Expenditure in Billion won6000500040003000 R&D Expenditure in Billion won20001000 0 1980 1990 2000 2003
    20. 20. 2000’s Exports of semi-conductors increased • Increase was from US$4.0 billion in 1989 to US$26.5 billion in 2004 -10.4 percent of total exports Supporting international marketing activities and exhibitions abroad Tax benefits to R&D activities and FDI inflows Recent policy to develop Eco-friendly industriesby investing $84.4 bn for next five years
    21. 21. Sector-wise analysis
    22. 22. Energy sectorEnergy used in power generation consists primarily ofoil, coal, nuclear & LNGLimited domestic energy resourcesOil supplies 50 % of South Korea’s total energy consumptionSouth Korea is the 5th largest net importer of oil in the worldHydropower & other renewable energy sources make up a smallfraction
    23. 23. Agriculture sectorHeavily dependent on imported agricultural commoditiesAgricultures share of GDP has steadily declined to about 3% in thepast two decadesTotal imports of agricultural, fishery and forest products in 2008 totaled$22 billionKorea is the 5th largest market for U.S. agricultural productsIn 2008, agriculture trade deficit was $17 billion
    24. 24. Tourism sector1988 : a boom year for tourism industryContinuation of trend in subsequent years & the 2002FIFA World CupIncheon International Airport, rated the best airportworldwide consecutively since 2005In 2007, South Korea had 6.4 million visitors making it the36th most visited country in the world
    25. 25. Industrial sectorHyundai Kia Automotive Group is the worlds fourth largestautomaker, after Toyota, GM and VolkswagenAfter recession country’s auto sales posted a combined 2.7%Y-O-Y increase in 2009Worlds leading producer of computer memory chips &electronic productsWorlds largest shipbuilder
    26. 26. Macro Economic Indicators
    27. 27. GDP and Growth RateDefinition • The sum of the value of new, final goods produced within the domestic borders of an economy.Expanded 6% over the past 4 years.Worth 929 billion dollars or 1.50% of the world economy.Two main reasons for increased GDP growth are: • Competitive education system. • Highly skilled and motivated workforce.Shift from centrally planned economy to a more market oriented one.Major concerns • Rapidly ageing population. • Structural inefficiencies.
    28. 28. GDP and Growth Rate(contd…..)
    29. 29. Inflation RateDefinition: Well known measures:• A general increase in prices • Consumer Price Index (CPI) measured against a standard level of purchasing power. • GDP DeflatorJanuary 2010 figure Recent trend:• 3.7 Percent. • Agriculture, livestock and fishery products have gained strength in recent years. • Domestic oil prices have come down and prices of non ferrous metals has continued to increase.
    30. 30. Inflation Rate (Contd…..)
    31. 31. Unemployment RateLabour force v/s non labour force:• Labour force: The number of people employed plus the number unemployed but seeking work.• Non labour force: Those who are not looking for work, those who are institutionalised and those serving in the military.Recent trends:• Hiring in the agriculture, forestry & fishery dropped significantly in November 2009.• Sluggish exports led to decreased unemployment in manufacturing sector.• Hiring in private sector remained weak due to downward trend in construction sector.• Employment in services sector soared due to Government’s job creation policies.
    32. 32. Unemployment Rate (Contd….)
    33. 33. Fiscal Policy
    34. 34. Pre 1997 eraThe average growth rate in Korea had been wellabove 7% before 1997The government had a very low external debtBut the privately owned debt for the country wasquiet significantIt worked on “high-debt, high growth model”
    35. 35. External Debt External Debt in $Bn450400350300250200150100 50 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
    36. 36. Present policiesThe fiscal policy for 2010 is at 2.9% of the GDPIn order to fight recession the Korean governmenthas decided to Frontload 70% Of 2010 Budget InFirst HalfPresently defense and social welfare constitute thehighest chunk of budget
    37. 37. Monetary Policy
    38. 38. Key PointsStock prices Pace of and Banks’ South Korea growth was exchange deposit and producer Increase in Expanded not as rates lending price Open the supply of expected exhibited rates inflation hit a market Korean won. and shows a very remained 10-month Operations. very slow unstable low high. pace.movements.
    39. 39. Interest Rates
    40. 40. Critical QuestionsTwo Critical Questions StillRemains• When will South Korea tighten up its monetary policy?• How Current Monetary policy will tackle with ever rising Inflation?
    41. 41. Expenditure and Revenue
    42. 42. ExpenditureGovernment Spend is relatively very less comparedto rest of the countries.Mainly the expenditure is intoInfrastructure, R&D, national defence, and education.Mainly defence which accounts for 24% ofexpenditureNow recently it was observed that focus is shiftingfrom defence to health care.
    43. 43. Revenue Tax, mainly indirect taxes Disinvestment in Electrification, banking, communication and Manufacturing, but still remain major stockholder Four Public Enterprises • Government Enterprise • Government invested Enterprise • Government Subsidiaries • Government Backed Enterprise
    44. 44. Banking and Financing structure
    45. 45. Central Bank 2 parts of financial system: Central bank:• Monetary institutions: Central • Established on June 12, 1950 bank & deposit taking banks • Purpose: price stability• Other financial institutions • Issuing banknotes and coins, formulating and implementing monetary and credit policy, serving as the bankers bank and the governments bank. • Governor, the Senior Deputy Governor, and 5 Deputy Governors, manage departments in the head office and 16 domestic branches
    46. 46. Financing History : A timeline1960s:• Foreign credit based which decreased towards 1980s• Generated need for domestic savings• Nationalization of banks1980s:• Current account became surplus fuelling shortage of domestic savings• De-regulation of interest rates• 3 new commercial banks and 13 financial institutions
    47. 47. History.. continuedCommercial banks focused on short term loansNewer sources of funding for commercial banksRelaxation of FOREX controlsForeign investors: trust funds, convertiblebonds, bonds with warrants
    48. 48. Banking sector today Banks are largely no longer handmaidens to the chaebol Big Four • Kookmin Bank (KB ) • Shinhan Financial Group (SHG ) • Woori Financial Group (WF ) • Hana Bank -- 70% of the market Foreign investments Retail banks shrunk to 11 in number
    49. 49. Other indicators : energyscenario Hydropower Oil: fifth: and other largest net Coal : 24 % renewable importer of primary energy oil in the energy sources : world small fraction
    50. 50. Currency - won
    51. 51. All @WonThe won (원) (sign: ₩; code: KRW) is the currency of SouthKoreaSubunit: 1 Won= 100jeonTheoretical (not used)Coins₩1, ₩5, ₩10, ₩50, ₩100, ₩500Banknotes₩1000, ₩5000, ₩10000, ₩50000
    52. 52. First South Korean wonThe won was first used between 1902 and 1910Japanese invasion in 1910 : The won was replaced at par by the yen, madeup of the Japanese currency and banknotes of the Korean yen.Post world war II: • Division in Korea (North and south) • Won replaced the yen at par • Only bank notes were issued by the Bank of Joseon (1946)Central bank: Bank of Korea (1950)
    53. 53. Pegs for the first South Koreanwon Date introduced Value of U.S. dollar in wonOctober, 1945 15July 15, 1947 50October 1, 1948 450June 14, 1949 900May 1, 1950 1800November 1, 1950 2500April 1, 1951 6000
    54. 54. HwanFirst South Korean won was replaced bythe hwan on February 15, 1953In 1959, coins were introduced in denominations of 10, 50 and 100 hwan1 hwan = 100 wonThe hwan also suffered from inflation and a series of devaluations occurred
    55. 55. Second South Korean wonThe won was reintroduced on June 9, 19621, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of KoreaValue was pegged at 125 won = 1 U.S. dollarIt became the sole legal tender on March 22, 1975 with the withdrawal of the last circulating hwancoins.ISO 4217 code : KRW.Won was allowed to float on December 24, 1997 after an agreement with IMFWon was devalued to almost half of its value, as part of the East Asian financial crisis.On June 23, 2009, the Bank of Korea released the 50,000 Won note
    56. 56. FX Rates Wednesday, February 03, 2010 1 KRW in KRWAmerican Dollar 0.00087184 1147Australian Dollar 0.000982502 1017.81British Pound 0.000546271 1830.59Chinese Yuan 0.00595169 168.019Euro 0.000623455 1603.96Hong Kong Dollar 0.00676948 147.722Indian Rupee 0.0400826 24.9485Japanese Yen 0.0790105 12.6566Swiss Franc 0.000918849 1088.32Malaysian Ringgit 0.00296384 337.4
    57. 57. S. Korean Won to US DollarCurrency Exchange Rate Past Trend Present Value S. Korean Won per One U.S. Dollar
    58. 58. South Korea:FOREX and GOLD reserves
    59. 59. FOREX and GOLD reservesrankings Year Reserves of foreign Rank Percent Change exchange and gold 2004 $155,400,000,000 4 - 2005 $199,100,000,000 4 28.12 % 2006 $210,400,000,000 4 5.68 % 2007 $239,000,000,000 5 13.59 % 2008 $262,200,000,000 6 9.71 % 2009 $201,200,000,000 6 -23.26 %
    60. 60. South Korea in News forFOREXSouth korea’s National Pension Service(NPS)announced that official foreign reserves stood atrecord high as of January endAccording to BOK, Forex amounted to $273.69billionIncrease is attributed to operating profits on forexreserves and redemptions at maturity by NPS of itscurrency swaps with BOK
    61. 61. Foreign Economic Policy
    62. 62. Exports
    63. 63. Exports
    64. 64. Imports
    65. 65. Imports
    66. 66. International Involvement APEC – Asia-Pacific Economic Cooperation Relationship with US • KORUS FTA 2006 North-South Economic Ties FTA with EU
    67. 67. Thank You
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