Procurement, sourcing and import from South Korea

Purchasing products or services seems easy, but this is not always the case. How do you know that you have the best deal, especially if you haven’t done much business before in South Korea?

It already helps if you have a structured approach for your procurement and to keep your options open. Working with a local consultant or agency may help to identify more potential suppliers and to get the products that you just bought accross the border to their destination.

Find the right suppliers in South Korea

South Korea, located in East Asia, is renowned for its advanced technology exports and manufacturing prowess. The country primarily exports electronics and electrical machinery, including semiconductors, display panels, and telecommunications equipment. These products are pivotal to South Korea’s high-tech manufacturing industry and global technological innovations.

South Korea is also a major exporter of automobiles and automotive parts, with brands like Hyundai and Kia leading the industry. The country has a strong presence in shipbuilding and steel production, exporting ships, offshore structures, and steel products. Additionally, South Korea exports petrochemicals, refined petroleum products, and machinery and equipment.

In addition to its industrial exports, South Korea offers expertise in high-value manufacturing and technology sectors, making it a preferred destination for outsourcing and investment. The country’s robust infrastructure, research and development capabilities, and supportive government policies have fostered innovation and growth in industries like biotechnology, aerospace, and renewable energy.

Shipping your products

If you purchase tangible products, you have to ship them out of the country. Depending on the country where you want these goods, this may have implications.

First of all you may have to pay import duties or settle VAT. There are certain thresholds for both of these charges, e.g. while importing in the EU you don’t have to pay import duties on any shipment worth less than € 150.

There may also be non-financial barriers, like certifications or approvals to be obtained. Especially for food, cosmetics or medicine this may be the case. Check this in advance, even before you invest in your marketing.

VAlidate the HS-codes you use for shipping

Almost every country or trade block in the world has its own detailing on the international HS-code list. With our report you strongly reduce the risk on misclassifications, delays and higher custom duties than expected.

Tell us what you want to ship and where to and we ask you all relevant questions to get to the most likely code.

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A structured sourcing approach in South Korea

Step 1

Supplier search

Try to identify in total 6 to 10 possible suppliers and check their websites. Approach them with a general request to see whether they have the products or services you need.

Step 2

Supplier selection

Submit your requirements to a group of three to five selected suppliers and ensure you get the right comparable quotations to make a choice. Negotiate with one or two of them to get the best result.

Step 3

Supplier management

Now start collaborating, making sure you have an efficient ordering process and limited risks where it comes to quality control and shipping the products.