Korea

Victoria's global reputation as suppliers of premium quality, clean and healthy food – together with advantages in supply chain management – provides substantial export opportunities for Victorian agribusiness to meet Korea's increasing demand for high-quality beef and lamb, dairy, horticulture and healthy functional foods.

Melbourne is recognised globally as a welcoming, cosmopolitan city and our world-class educational institutions are competitively placed to meet the demands of Korean students seeking to study here. Student numbers have been growing steadily with over 5,700 Koreans students enrolled in Victoria to December 2017.

• Subscribe to the International Education Bulletin for monthly market updates.
• Contact Victoria's in-market Education Services Managers PDF, 3.3 MB.
• Download and read the Market Development Plan for International Education in Korea PDF, 527.2 KB.

With an increasing number of Korean tourists visiting each year, a significant customer base is provided for Victoria's tourism and hospitality businesses.

In 2017, visitor numbers from Korea grew for the fourth consecutive year reaching over 58,000 .

Korea's ageing population is generating an increased need for services and products in the health and aged care sectors.

Export opportunities have emerged for Victoria's pharmaceutical, biotechnology and healthcare businesses specialising in innovative medical technologies, research and development, medical devices, pharmaceuticals and aged care.

Korea’s ageing population is also driving changes in Korea’s financial service industry as Korean asset managers look to grow and diversify their assets portfolios.

FinTech is another area which is showing strong growth. Victoria’s strengths in both these areas provide opportunities for greater trade and investment.

Korea’s beauty and personal care industry, estimated to be valued at USD12.6 billion¹ is also creating opportunities for Victorian companies.

In 2017, perfumery and cosmetics represented Victoria’s ninth largest merchandise exports to Korea².

Source:

1. Beauty and Personal Care in South Korea, Euromonitor International, May 2018
2. Australian Bureau of Statistics, 2017

Demand for innovative software technologies has increased in Korea as it transitions to a knowledge-based economy.

Victoria's leading digital technology sector is strongly placed to provide Korea with digital and software solutions such as smart infrastructure, cloud and mobility computing, security, smart grids and smart cities.

• Korea is Victoria's eighth largest merchandise trading partner.¹
• There were over 52,000 Korean visitors to Victoria in 2016.²
• 4700 international students from Korea studied in Victoria in 2015.³
• The Republic of Korea is the 11^th largest national economy in the world.^4.

Source:

1. DFAT STARS Database, based on ABS Cat No 5368.0, June 2016 data
2. Tourism Victoria Research Unit, August 2016
3. Department of Education and Training, 2016
4. International Monetary Fund 2016