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.
Free calculators for South Korea trade
LC Cost Calculator →
All-in bank charges on a Letter of Credit.
Usance LC Interest →
Deferred payment cost with correct ACT/360 or ACT/365 basis.
Import Duty & Tax →
Duty, VAT/GST and landed cost per HS code.
Landed Cost by HS & Country →
Interactive duty + VAT/GST + Incoterm split for this destination.
CIF ↔ FOB Converter →
Convert between CIF, FOB and landed cost.
HS Code Lookup →
Search harmonised classification codes.
CBM & Container →
Volume, weight and container utilisation.
Incoterms 2020 Visualiser →
Cost, risk and document split across all 11 rules.
Multi-Currency Invoice →
FX spread and cross-currency invoice value.
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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.
HS 85Electronics
HS Code for Electronics (Chapter 85) →
HS 84Industrial
HS Code for Industrial Machinery (Chapter 84) →
HS 72Metals
HS Code for Iron & Steel (Chapter 72) →
HS 1006Agricultural
HS Code for Rice (HS 1006) →
HS 2709Energy
HS Code for Crude Oil (HS 2709) →
HS 2710Energy
HS Code for Petroleum Products (HS 2710) →
HS 29 & 39Chemicals
HS Code for Petrochemicals (Chapter 29 & 39) →
HS 2701Energy
HS Code for Coal (HS 2701) →
Commodities linked to South Korea
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
China toolkit →
Import VAT · 13% standard, 9% reduced, 6% services
United States toolkit →
No federal VAT / GST · 0% federal
Vietnam toolkit →
VAT · 10% standard, 5% reduced, 0% export
Japan toolkit →
Consumption Tax (JCT) · 10% standard / 8% reduced (food, newspapers)
Australia toolkit →
GST · 10%
India toolkit →
IGST on imports · 5% / 12% / 18% / 28%
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.