Between 2000 and 2008 EU27 trade in goods with South Korea grew by around 50%, with EU27 exports to South Korea rising to 26 billion euro in 2008 compared with 17 bn in 2000, and imports rising to 39 bn from 27 bn. As a result, the EU27 trade deficit with South Korea increased from 10 bn in 2000 to 14 bn in 2008.

The share of South Korea in the EU27's total external trade in goods remained nearly stable between 2000 and 2008. In 2008, South Korea accounted for 2.0% of the EU27's total exports and 2.5% of the EU27's total imports. South Korea was the EU27's eighth most important trading partner.

On the occasion of the European Union - South Korea Summit, which will take place on 23 May in Seoul in South Korea, Eurostat, the Statistical Office of the European Communities, issues data on trade and investments between South Korea and the EU.

Germany, one third of EU27 exports to South Korea and one fifth of EU27 imports

Among the EU27 Member States, Germany (8.6 bn euro or 34% of EU exports) was by far the largest exporter to South Korea in 2008, followed by France and the United Kingdom (both 3.0 bn or 12%), Italy (2.6 bn or 10%) and the Netherlands (2.5 bn or 10%). Germany (7.9 bn or 20% of EU imports) was also the largest importer, followed by the United Kingdom (4.1 bn or 10%) and Italy (3.0 bn or 8%). The largest deficits in trade with South Korea were observed in Poland (-2.6 bn euro), Slovakia (-2.5 bn), Spain (-2.0 bn) and Greece (-1.4 bn), while the largest surplus was recorded in Germany (+0.8 bn).

Almost half of EU27 exports to South Korea in 2008 were machinery and vehicles and around one fifth each were chemicals and other manufactured articles. Machinery and vehicles made up nearly three quarters of EU27 imports from South Korea and a further fifth were other manufactured articles. At the detailed level, the main EU27 exports to South Korea included machines for making integrated circuits, medicines, crude oil, uranium, motor cars and parts, while the main imports included mobile phones, electronic components, ships and motor cars.

Growth in EU27 exports of services to South Korea

In 2007, the EU27 exported 7.2 bn euro of services to South Korea, while imports from South Korea amounted to 4.0 bn, meaning that the EU27 had a surplus of 3.3 bn in trade in services with South Korea, compared with +2.4 bn in 2005 and +2.8 bn in 2006. The surplus in 2007 was mainly due to other business services (+1.1 bn), transport (+0.8 bn) and royalties & license fees (+0.6 bn). South Korea accounted for just over 1% of total extra-EU27 trade in services.

EU27 net investor in South Korea

EU27 Foreign Direct Investment (FDI) into South Korea fell from 5.0 bn in 2005 to 1.7 bn in 2007, while South Korean direct investment into the EU27 decreased from 1.3 bn in 2005 to 0.3 bn in 2007.