Import & Export Practices by South KoreaOil Production: 1.1 million (bbl/day)
Oil Consumption: 2.2 million (bbl/day)
South Korea consumes a lot of oil for such a small country (size wise) but it does make sense because the population of South Korea is quite large. South Korea trades with its close neighbors China and Japan for many resources. Many sources of oil come from Saudia Arabia, Kuwait and Iran. The South Korean people are absorbing oil at an alarming rate. The living conditions must call for a high demand of oil, perhaps for heat and it makes me wonder if the people have any concern for what happens when the oil runs out. The South Korean people are consuming and importing very rapidly, which raises other questions about their environmental impact. Perhaps they are not as familiar with technological advancements which allow them to consume less oil. Another factor to consider is their industalization. I hope to research further about their connection to factories and use of coal and oil in production of goods. This raises two questions:
What are they using all this oil for? and Do they have a plan for the future when the oil reserves run out or run low and how does this contribute to their ideas about conserving the globes natural resources?
South Korea depends on:
1. Machinery- After the war with the North, South Korea needed to rebuild and due to their booming cities and high populations, South Korea needs the tools to make room for all these people
2. Electronics- South Korea depends on electronics and other technology from their close neighbor, China. China is the leader in advanced technologies so it is understandable that South Korea would want a piece of this global pie.
3. Steel- Steel is needed to reinforce their technological buidling structures from bridges to homes to towering downtown buildings. South Korea has a large population and a small amount of land. In order to accomidate these people they need steel to build buidlings which tower into the sky.
South Korea imports $516 billion a year in products
South Korea has a market economy which is ranked 15th in the world. Historically, South Korea has always struggled with their economy, especially after the war but have made a tremendous comeback by participating in the global market with trade (mostly imports) as South Korea has a select amount of natural resources. Relations with the North have weakened the Southern economy over time, as South Korea has had to dedicated both time and money to protecting their borders. Their population size also plays a large part in the amount of money they are able to circulate into the economy with most individuals working in some time of services area.
South Korea is currently ranked 28th in the world for debt coming in at approximately $ 430.9 billion dollars in debt. They have a labor force of 25. 86 million which is ranked 35th in the world. Which is ironic considering they are so in debt yet they have a realitvely large labor force. South Korea poverty rates are around 16% which is somewhat high, but considering how many people live in South Korea it is an understandable number. South Korea is importing at an excessive rate and is clearly very much in debt. Their economy seems strong for now, but at this rate things could change quickly. In my opinion, South Korea needs to lean how to better use their resources and employ more people inside the country.
GDP: $33,200, compared to other countries this is a high number as South Korea has a high number of production, ranking 15th in GDP & 12 in purchasing power.
Oil Consumption: 2.2 million (bbl/day)
South Korea consumes a lot of oil for such a small country (size wise) but it does make sense because the population of South Korea is quite large. South Korea trades with its close neighbors China and Japan for many resources. Many sources of oil come from Saudia Arabia, Kuwait and Iran. The South Korean people are absorbing oil at an alarming rate. The living conditions must call for a high demand of oil, perhaps for heat and it makes me wonder if the people have any concern for what happens when the oil runs out. The South Korean people are consuming and importing very rapidly, which raises other questions about their environmental impact. Perhaps they are not as familiar with technological advancements which allow them to consume less oil. Another factor to consider is their industalization. I hope to research further about their connection to factories and use of coal and oil in production of goods. This raises two questions:
What are they using all this oil for? and Do they have a plan for the future when the oil reserves run out or run low and how does this contribute to their ideas about conserving the globes natural resources?
South Korea depends on:
1. Machinery- After the war with the North, South Korea needed to rebuild and due to their booming cities and high populations, South Korea needs the tools to make room for all these people
2. Electronics- South Korea depends on electronics and other technology from their close neighbor, China. China is the leader in advanced technologies so it is understandable that South Korea would want a piece of this global pie.
3. Steel- Steel is needed to reinforce their technological buidling structures from bridges to homes to towering downtown buildings. South Korea has a large population and a small amount of land. In order to accomidate these people they need steel to build buidlings which tower into the sky.
South Korea imports $516 billion a year in products
South Korea has a market economy which is ranked 15th in the world. Historically, South Korea has always struggled with their economy, especially after the war but have made a tremendous comeback by participating in the global market with trade (mostly imports) as South Korea has a select amount of natural resources. Relations with the North have weakened the Southern economy over time, as South Korea has had to dedicated both time and money to protecting their borders. Their population size also plays a large part in the amount of money they are able to circulate into the economy with most individuals working in some time of services area.
South Korea is currently ranked 28th in the world for debt coming in at approximately $ 430.9 billion dollars in debt. They have a labor force of 25. 86 million which is ranked 35th in the world. Which is ironic considering they are so in debt yet they have a realitvely large labor force. South Korea poverty rates are around 16% which is somewhat high, but considering how many people live in South Korea it is an understandable number. South Korea is importing at an excessive rate and is clearly very much in debt. Their economy seems strong for now, but at this rate things could change quickly. In my opinion, South Korea needs to lean how to better use their resources and employ more people inside the country.
GDP: $33,200, compared to other countries this is a high number as South Korea has a high number of production, ranking 15th in GDP & 12 in purchasing power.