Korea market profile

Korea is among the largest economies in Asia and a global leader in research and development intensity, digital displays and semiconductors. It is home to iconic brands including Samsung, LG and POSCO. This transformation has been referred to as the ‘Miracle on the Han River’.

The ‘Korean Wave’ of popular culture (including K-pop, K-drama and K-beauty) is now a global phenomenon.

This trajectory looks set to continue, with many forecasters expecting Korea to be among the most affluent countries in the world (by GDP per capita) by 2050.

Korea is Queensland’s fourth-largest merchandise export market, largely due to the county’s dependence on imported energy, resources and agriculture. It is Queensland’s third largest two-way merchandise trading partner. Over the five years to 2023, Korea was Australia’s 16th largest source of direct foreign investment. 

Korean consumers will continue to demand high quality food, beverage, consumer goods, education, technology and services that Queensland can provide.

Both Korea and Queensland benefit from the Korea–Australia Free Trade Agreement (KAFTA), which entered into force on 12 December 2014.