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Trade in services with South Korea — surplus for EU in 2007
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South Korea is currently the eleventh largest economy in the world and a significant player in the world economy. The EU and South Korea are important trading partners. South Korea is the EU’s eighth largest trade partner and the EU has become South Korea’s second largest export destination. The two-way trade in goods and services amounted to €75bn in 2007 Korea’s economic development over the past 25 years has been based on industrialisation, giving priority to manufacturing rather than services. However, since the financial crisis of late 1997, the importance of the service sector has been increasingly recognised. Comprehensive reforms in the service sector were recommended to restore the economy to its previous growth path. Thanks to accelerated liberalisation, Korea’s trade in services
has increased rapidly in recent years. While the development of exports in services more or less paralleled the development of the economy between 1996 and 2002, exports in services have grown faster in the past few years.