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South Korean Economy Trading
South Korea is practically an island with enemies to the North in the forms of China and North Korea. This means the South Korean Economy depends upon international global trade, oceans free of privateers or pirates in layperson’s terms, to keep its economy running.
(Here is my behind the paywall link.)
For this reason, South Korea’s export-oriented policies are one of the most important factors in its economic success. In 2022, the country was the world’s sixth-largest exporter of goods and the eighth-largest importer of goods (WTO), with trade accounting for 97% of its GDP (World Bank).
South Korea also has the biggest transportation shipping companies on the planet: Hyundai Heavy Industries, STX Offshore and Shipping, and SME and Samsung Heavy Industries.
Access to chips and shipping is necessary for South Korea to function in its current form as a modern and hyper-specialised economy, just like China, Japan, and a host of other nations around the globe.
South Korea’s economy is intricately tied to global free trade, a system safeguarded by the USA’s Navy, which plays a crucial role in ensuring the smooth flow of international commerce.
Economists and geopolitical strategists fear that American withdrawal from international affairs will cause the globalised system…
