Imports to Korea fell by 12.1% to USD 642.6 billion last year. The main imported items were crude oil (worth USD 86.2 billion), semiconductors (worth USD 62.4 billion), natural gas (USD 36 billion) and fine chemical raw materials (worth USD 25 billion). The country relies heavily on imports of raw materials essential for the electrical, energy and food industries. Key trading partners are China, the United States, Japan, Australia and Saudi Arabia. The Czech Republic ranks 46th among importers and the main products imported include optical equipment, chemical products for the electronics industry, pumps and tyres. According to KOIMA's statistics, there were 119,174 importers in Korea as of 2023. To be truly successful in the local market, a local presence is crucial, so finding a local partner or setting up your own branch. Foreign companies face a number of challenges in South Korea. The main ones include unique industry standards, opaque regulations, competition and pricing pressure from local manufacturers, language barriers and a long import process. Other common difficulties include import regulations, protectionist measures and testing requirements, especially for agricultural products. Despite these challenges, the Korean government's increasing emphasis on diversifying its resources in the face of uncertainties in global supply chains also presents opportunities for foreign firms. The GOK is targeting sectors such as healthcare, industrial chemicals, IT components, semiconductors, aerospace and defense, energy, environmental technologies, and transportation. Czech firms could find opportunities in these sectors and work with Korean firms to expand their presence in third markets such as ASEAN and Middle Eastern countries. Opportunities also exist in the clean technology sector, where the country has committed to major changes in its energy mix and wants to increase the share of low-carbon energy to 70% by 2038.

Approximately 150 companies from 60 countries presented their products at this year's 21st Korea Import Fair. These included a wide range of products from food and beverages, textiles, fashion, and dietary supplements to kitchen equipment. In addition to KOIMA, the Ministries of Commerce, Industry and Energy, the Korea Trade and Investment Promotion Agency (KOTRA) and the Korea International Trade Association (KITA) are also participating in the event.

Further relevant information on this issue can be obtained from the links below:
1. Korea Import Fair: https://www.koimakif.com/kr/index.do 
2. Korea Importers Association: https://eng.koima.or.kr/koima_net/index.do 
3. Korea Customs Service: https://www.customs.go.kr/english/main.do 

Interested Czech companies can contact the Commercial Department of the Czech Embassy in Seoul at:  seoul.commerce@mzv.gov.cz.

Jakub Kopecký, economic specialist of the Czech Embassy Seoul