SSLT Global
KR

South Korea Import & Export Toolkit

Everything needed to price a shipment into or out of Korea: KRW LC cost (ACT/365), 10% VAT on CIF + duty, HSK 10-digit classification and Incoterms 2020.

Currency
KRW (Korean Won)
VAT
10%
Applied to CIF + duty + individual consumption tax (where applicable). Refundable to registered businesses.
Duty regime
MFN and preferential tariffs under KORUS FTA (USA), Korea-EU FTA, RCEP, Korea-UK FTA, Korea-ASEAN, Korea-India CEPA and Korea-China FTA.
Regulatory deep-dive
South Korea import & export regulations →
Korea import/export rules: Korea Customs Service, MOTIE strategic goods, KC mark, FTA origin, chemical & food safety.
Authorities · Licensing · Sanctions

Free calculators for South Korea trade

Major ports & gateways
  • · Busan
  • · Incheon
  • · Gwangyang
  • · Ulsan
  • · Pyeongtaek
Top exports
  • · Semiconductors & integrated circuits
  • · Cars & auto parts
  • · Refined petroleum
  • · Ships
  • · Steel
  • · Displays (OLED/LCD)
  • · Petrochemicals
Top imports
  • · Crude petroleum & LNG
  • · Semiconductor manufacturing equipment
  • · Coal
  • · Iron ore
  • · Natural gas
  • · Cars
  • · Copper ore

Trade finance in South Korea

  • · KRW LCs use ACT/365. Korean banks (KEB Hana, KB Kookmin, Shinhan, Woori) quote 0.15-0.30% per quarter, plus 10% VAT on the fee.
  • · K-SURE (Korea Trade Insurance Corporation) and KEXIM provide export credit and buyer credit for capital goods and plant exports.
  • · Foreign exchange transactions above USD 5,000 require bank reporting; large trade payments need supporting import/export declarations.

Customs & duty in South Korea

  • · HSK: 10-digit Korean tariff code (HS 6 + 4 national digits) managed by Korea Customs Service (KCS).
  • · UNI-PASS is the electronic clearance system.
  • · Individual Consumption Tax applies to select goods (autos, jewellery, tobacco, alcohol) before VAT.

Incoterms 2020 practice in South Korea

  • · CIF Busan or Incheon is standard for bulk and general cargo.
  • · FCA at origin CY is the correct term for container cargo.
  • · DDP into Korea requires the seller to register for KCS and appoint a local fiscal representative - often more practical to use DAP.

HS commodity guides for South Korea

Classification, duty and worked landed-cost examples for the commodity families most active on South Korea's trade lanes.

Every HS commodity landed-cost page for South Korea

Direct link to the South Korea import guide for each HS commodity we publish.

South Korea appears in the trade lanes for the commodities below. Each hub covers grades, specs, benchmark pricing and HS code references.

South Korea's key trading partners

Frequently asked questions

Can I use KORUS FTA and Korea-EU FTA together?

No - a single shipment claims one preferential regime based on origin. Pick the FTA that best matches the goods' origin and satisfies its rules of origin.

Country data compiled from WCO HS, WTO tariff schedules, national customs authorities and central banks. Duty, tax and regulatory information is decision-support only - always confirm with a licensed customs broker or your bank before acting.