Structural analysis of the Republic of Korea's foreign trade and the factors that had a fundamental impact on it in 2000-2023

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Abstract

In the context of growing global instability and transformation of world trade processes, the study of the experience and the current situation in the field of international trade of the Republic of Korea is being updated. The country, which was practically destroyed in the 1950s, was able to overcome resource, human and other limitations and enter the group of countries with a developed market economy – one of the few in the world. Almost all the achievements that the country has made possible are largely due to its foreign trade and, in general, foreign economic relations. The article shows the current trends in the foreign trade sector of the Republic of Korea, conducted a factor analysis and identified the causes and directions of shifts in the structure of foreign trade of the Republic of Korea. However, along with the indisputable successes, the Republic of Korea is also experiencing problems in the field of foreign trade. The author concludes that one of the most important problems of the Republic of Korea's foreign trade sector is the decline in export and import growth rates in 2000-2023. The article analyzes the commodity trade of the Republic of Korea in 2000-2023. based on the analysis of statistical data from UNCTAD.

About the authors

Lyudmila Vasilievna Shkvarya

Plekhanov Russian University of Economics

Author for correspondence.
Email: destard@rambler.ru
ORCID iD: 0000-0001-6653-939X
SPIN-code: 7953-0777

Doctor of Economics, Professor at the Department of World Economy, Plekhanov Russian University of Economics

115054, Moscow, Stremyanny lane, 36

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