COUNTRY OVERVIEW

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COUNTRY OVERVIEW

 

President: Roh Moo-Hyun
Independence: August 15, 1945
Population (7/04E): 48.6 million
Location/Size: Eastern Asia/(98,480 square kilometers 38,000 square miles), about the size of Indiana
Major Cities: Seoul (capital), Pusan, Taegu, Inchon, Kwangju
Language: Korean (English widely taught)
Ethnic Groups: Korean, with a small Chinese minority
Religions: Christianity, 49%; Buddhism, 47%; Confucianism, 3%; Other, 1%


ECONOMIC OVERVIEW
Currency: Won (W)
Exchange Rate (12/21/05): US$1 = 1,005 Won
Gross Domestic Product (2004E): $782 billion (2005F): $832 billion
Real GDP Growth Rate (2004E): 4.6% (2005F): 4.3%
Inflation Rate (consumer prices) (2004E): 3.6% (2005F) 3.7%
Unemployment Rate (12/04E): 3.5%
Current Account Balance (2004E): $29.6 billion
Merchandise Exports (2004E): $257.0 billion
Merchandise Imports (2004E): $219.9 billion
Merchandise Trade Balance (2003E): $37.1 billion
Major Exports: Electronics, textiles, ships, automobiles, steel, computers, footwear
Major Imports: Crude oil, food, machinery and transportation equipment, chemicals and chemical products, base metals and articles.
Top Trading Partners: U.S., Japan, China, Germany


ENERGY OVERVIEW
Oil Consumption (2004E): 2.1 million barrels per day (bbl/d); all imported
Crude Oil Refining Capacity (1/1/05): 2.6 million bbl/d
Natural Gas Consumption (2002E): 816 billion cubic feet (bcf)
Recoverable Coal Reserves (2002E): 86 million short tons (Mmst)
Coal Production (2002E): 3.7 Mmst
Coal Consumption (2002E): 79.7 Mmst
Electric Generation Capacity (1/1/02E): 54.5 gigawatts
Electricity Generation (2002E): 287.6 billion kilowatthours


ENVIRONMENTAL OVERVIEW
Minister of Environment: Kim Myung-ja
Total Energy Consumption (2002E): 8.4 quadrillion Btu* (2.0% of world total energy consumption)
Energy-Related Carbon Dioxide Emissions (2002E): 450.5 million metric tons of carbon dioxide (1.8% of world carbon dioxide emissions)
Per Capita Energy Consumption (2002E): 177.0 million Btu (vs. U.S. value of 339.1 million Btu)
Per Capita Carbon Dioxide Emissions (2002E): 9.5 metric tons of carbon dioxide (vs. U.S. value of 20.0 metric tons of carbon dioxide)
Energy Intensity (2002E): 11,692 Btu/$1995-PPP (vs U.S. value of 10,613 Btu/$1995)**
Carbon Dioxide Intensity (2002E): 0.63 metric tons of carbon dioxide/thousand $1995 (vs U.S. value of 0.63 metric tons/thousand $1995)**
Fuel Share of Energy Consumption (2002E): Oil (54.1%), Coal (21.0%), Natural Gas (10.8%)
Fuel Share of Carbon Dioxide Emissions (2002E): Oil (53.5%), Coal (35.8%), Natural Gas (10.7%)
Status in Climate Change Negotiations: Non-Annex I country under the United Nations Framework Convention on Climate Change (ratified December 1993). Signatory to the Kyoto Protocol (ratified November 2002.)
Major Environmental Issues: Air pollution in large cities; water pollution from the discharge of sewage and industrial effluents; drift net fishing.
Major International Environmental Agreements: A party to the Antarctic-Environmental Protocol, Antarctic Treaty, Biodiversity, Climate Change, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Nuclear Test Ban, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands and Whaling. Has signed, but not ratified, Desertification.


* The total energy consumption statistic includes petroleum, dry natural gas, coal, net hydro, nuclear, geothermal, solar, wind, wood and waste electric power. The renewable energy consumption statistic is based on International Energy Agency (IEA) data and includes hydropower, solar, wind, tide, geothermal, solid biomass and animal products, biomass gas and liquids, industrial and municipal wastes. Sectoral shares of energy consumption and carbon emissions are also based on IEA data.
**GDP based on OECD Purchasing Power Parity (PPP) figures


ENERGY INDUSTRY
State Energy Companies: Korea National Oil Corporation(KNOC); Daehan Oil Pipeline Corporation (DOPCO); Korea Electric Power Company (KEPCO); Korea Gas Corporation (KOGAS)
Major Oil Companies (Private): SK Corporation; LG-Caltex; S-Oil (formerly Ssangyong Oil); Hyundai Oil
Major Refineries (1/1/05 Capacity): Ulsan (817,000 bbl/d); Onsan (520,000 bbl/d); Yocheon (633,600 bbl/d); Daesan (310,000 bbl/d); Inchon (270,000 bbl/d)
Major Ports: Pusan, Inchon, Kunsan, Mokpo, Ulsan
LNG Regasification Terminals: Pyongtaek, Inchon

 


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