Australian Embassy
Republic of Korea
Embassy address: 11th Fl, Kyobo Building, 1 Jongno 1-Ga, Jongno-Gu, Seoul - Telephone: 02 2003 0100
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Korea and Australia Growing Together
The ROK and Australia : FACT SHEET
• The ROK and Australia: Two of the Region’s most Dynamic Economies
| Korea | Australia | |
| GDP (% growth, 2004-05) | 3.5 | 2.3 |
| GDP (% growth, past decade) | 57.4 | 43.8 |
| GDP (current prices, US$ billion) | 681.5 | 617.6 |
| Merchandise Exports (US$ billion) | 251.0 | 86.9 |
| Exports (% of GDP) | 44.0 | 18.3 |
| Inflation (%) | 3.6 | 2.5 |
| Unemployment (%) | 3.5 | 5.1 |
| Agriculture (% of GDP) | 2.8 | 2.6 |
| Services (% of GDP) | 56.3 | 68.4 |
• The ROK and Australia: Two of the World’s Most Competitive Economies
• The ROK and Australia: Two of the Region’s Largest Economies
• The ROK’s Economy is Export Driven, Australia’s is Driven by Services
• Australia and Korea share a highly complementary trading relationship
| Major Australia Exports to The ROK and Applicable Tariff Rate (%) | Major ROK Exports to Australia and Applicable Tariff Rate (%) |
| Coal (1%) | Cars (10%) |
| Crude Petroleum (5%) | Telecommunications Equipment (0%) |
| Iron Ore (1%) | Televisions (0 – 5%) |
| Aluminium (1%) | Household Equipment (0 – 5%) |
| Beef (40%) | Paper & Paperboard(5%) |
• Both Australia and Korea share Major Trading Partners
| Australia (ranking, 2004) | ROK (ranking, 2004) |
| Japan (1) | China (1) |
| United States (2) | United States (2) |
| China (3) | Japan (3) |
| ROK (4) | Hong Kong (4) |
| New Zealand (5) | Taiwan (5) |
| Australia (8) |
• Both Australia and Korea have seen the benefits of Free Trade Agreements
| Australia | Korea | |
| Completed |
New Zealand |
Chile Singapore |
| Under Negotiation |
China UAE Malaysia ASEAN |
EFTA Canada ASEAN Japan |
• ROK and Australian Population and Society
| Korea | Australia | |
| Population (million) | 48.2 | 20.2 |
| Median Age | 34.5 | 36.6 |
| Birth Rate (per 1,000) | 10.1 | 12.3 |
| Life Expectancy (age) | 75.8 | 80.4 |
| Country Size (sq km) | 99,000 | 7,692,000 |
| Coastline Length (km) | 2,413 | 25,760 |
| Literacy | 97.9 | 100 |