South Korea

G

Transportation

A well-developed highway system connects the major urban centers of South Korea. The country has about 100,279 km (about 62,310 mi) of main roads. The state-owned railroad system consists of 3,392 km (2,108 mi) of lines, with construction under way on a high-speed line connecting Seoul and Busan. In May 2007 passenger rail links between North and South Korea were established in a one-time trial. Although largely symbolic, many South Koreans regarded the brief resumption of passenger train traffic between the two countries as a landmark event. The country’s chief ports include Busan, Incheon, Mokpo, and Gunsan. Its merchant fleet numbers 2,946 vessels.

Korean Air Lines and Asiana Airlines provide domestic and foreign service. Incheon International Airport, which opened in April 2001, is the hub for international flights. Located 52 km (32 mi) west of downtown Seoul, the airport covers 5,600 hectares (13,800 acres) on reclaimed tidal lands between two offshore islands.

H

Communications

Mass media have assumed large importance in South Korea. Freedom of the press has been constitutionally guaranteed since 1987, when a democratic system of government was instituted. This resulted in the reemergence of newspapers that had been banned under the preceding military regime, as well as the establishment of many new newspapers. South Korea has 139 daily newspapers, some with national circulation. In 2000 there were 364 televisions and 1,039 radios for every 1,000 people in South Korea. In 2005 there were 794 cellular telephone subscribers per 1,000 people.

I

Currency and Banking

The unit of currency in South Korea is the won (955 won equal U.S.$1; 2006 average). The Bank of Korea is the bank of issue.

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J

Foreign Trade

Following the disruption of trade during the Korean War and its aftermath, exports increased at the remarkable annual rate of 27 percent from 1965 to 1980 and increased sixfold from 1980 to 1995. The country, with few natural resources and a relatively small domestic market, employed its skilled labor force to produce goods for export, thereby fueling its rapid economic growth. In 1996 South Korea became a member of the Organization for Economic Cooperation and Development (OECD), an international organization that works to coordinate the economic policies of industrialized nations.

Major imports (many of which are used to make goods for export) include industrial machinery, petroleum and petroleum products, electrical equipment, iron and steel, transportation equipment, and chemical products. Leading exports are electrical machinery, fabrics, road vehicles, telecommunication and sound equipment, iron and steel, metal goods, computer components, and apparel. Imports in 2004 were valued at $224.5 billion and exports were worth $253.8 billion.

VI

Government of South Korea

South Korea has been governed under six constitutions, adopted in 1948, 1960, 1962, 1972, 1980, and 1988. Each constitution signifies a new South Korean republic. Thus, the government under the 1988 constitution is known as the Sixth Republic. The most recent constitution was approved by referendum in October 1987 and went into effect in February 1988.