ECONOMIC OVERVIEW
Currency: 100 Chon = 1 Won
Official Exchange Rate (10/02): US$1 = 2.20 Won
Gross Domestic Product (2001E): $15.5 billion
Real GDP Growth Rate (2001E): 3.7% (Central Bank of South Korea estimate)
External Debt (1996E): $12 billion (much of this debt currently is in
default)
Merchandise Exports (2001E): $700 million
Merchandise Imports (2001E): $1.6 billion
Major Import Products: Petroleum, grain, coking coal, machinery and
equipment, and consumer goods
Major Export Products: Minerals, metallurgical products, agricultural
and fishery products, manufactured goods (including armaments)
Trading Partners: China, Japan, Russia, Germany, Singapore, South Korea,
Hong Kong
ENERGY OVERVIEW
Minister of the Power Industry: Yi Chi-chan
Minister of the Atomic Energy: Choe Hak-Kun
Minister of the Coal Industry: Kim Ki Kyong
Oil and Natural Gas Production/Proven Reserves: None
Oil Consumption (2000E): 80,000 barrels per day (bbl/d) - all imported
Crude Oil Refining Capacity (1/1/02E): 71,000 bbl/d
Recoverable Coal Reserves (12/31/99): 661 million short tons
Coal Production (2000E): 101.4 million short tons
Coal Consumption (2000E): 103.6 million short tons
Electric Generating Capacity (1/1/00E): 9.5 gigawatts (about 53% hydropower)
Electricity Generation (2000E): 33.4 billion kilowatthours
Major Ports: Chongjin, Hamhung, Nampo
ENVIRONMENTAL OVERVIEW
Minister of Land & Environment Protection: II-Son Chang
Total Energy Consumption (2000E): 2.8 quadrillion Btu* (0.7% of world
total energy consumption)
Energy-Related Carbon Emissions (2000E): 66.1 million metric tons of
carbon (1.0% of world total carbon emissions)
Per Capita Energy Consumption (2000E): 127.8 million Btu (vs U.S. value
of 351.0 million Btu)
Per Capita Carbon Emissions (2000E): 3.0 metric tons of carbon (vs U.S.
value of 5.6 metric tons of carbon)
Energy Intensity (1997E): 71,200 Btu/$1990 (vs U.S. value of 13,900
Btu/$1990)**
Carbon Intensity (1997E): 1.7 metric tons of carbon/thousand $1990 (vs
U.S. value of 0.22 metric tons/thousand $1990)**
Sectoral Share of Energy Consumption (1998E): Industrial (70.9%), Transportation
(28.7%), Residential (0.4%), Commercial (0.0%)
Sectoral Share of Carbon Emissions (1998E): Industrial (80.3%), Transportation
(19.3%), Residential (0.4%), Commercial (0.0%)
Fuel Share of Energy Consumption (2000E): Coal (85.8%), Oil (5.9%),
Natural Gas (0.0%)
Fuel Share of Carbon Emissions (2000E): Coal (95.1%), Oil (4.9%), Natural
Gas (0.0%)
Renewable Energy Consumption (1998E): 249.5 trillion Btu* (7% decrease
from 1997)
Status in Climate Change Negotiations: Non-Annex I country under the
United Nations Framework Convention on Climate Change (ratified December 5th,
1994). Not a signatory to the Kyoto Protocol.
Major Environmental Issues: Localized air pollution attributable to
inadequate industrial controls; water pollution; inadequate supplies of potable
water.
Major International Environmental Agreements: A party to the Antarctic
Treaty, Biodiversity, Climate Change, Environmental Modification, Ozone Layer
Protection and Ship Pollution. Has signed, but not ratified, the
Antarctic-Environmental Protocol and Law of the Sea.
* 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 EIA International Energy Annual 2000
Sources for this report include: The Bank of Korea (South Korea); Chosun Ilbo; CIA World Factbook 2002; Dow Jones News Wire service; DRI-WEFA Asia Economic Outlook; Economist Intelligence Unit ViewsWire; Energy Compass; Hart's Asian Petroleum News; Korea Herald; Korea Times; Lloyds List; Los Angeles Times; U.S. Energy Information Administration; U.S. Department of State; Reuters News Wire.