South Korea Customs Import and Export Policy

Foreign Exchange Management

[Regulations on Foreigners Carrying Cash in and Out of the Country] When foreigners enter South Korea, they must declare to the customs if they carry more than 10,000 US dollars in cash; when leaving South Korea, they must obtain permission from the Bank of Korea or the customs if they carry foreign currency or equivalent Korean won (including traveler's checks and bank checks) equivalent to more than 10,000 US dollars, but they do not need to re-declare the amount declared upon entry

Customs Management Regulations

The Korean Tariff Act is the basic law of tariff administration. According to the taxation standards, Korean tariffs can be divided into three types: ad valorem, specific and mixed taxes, with ad valorem being the main type; according to the purpose of collection, Korean tariffs can be divided into basic tariffs, anti-dumping duties, agreement tariffs, international cooperation tariffs, special emergency tariffs, emergency tariffs, adjustment tariffs, quota tariffs, seasonal tariffs, preferential tariffs, general preferential tariffs, etc. Currently, South Korea only imposes tariffs on imported goods.

In addition to the Tariff Act, the legal systems related to Korean customs management also include the Foreign Trade Act, the Unfair Trade Investigation Act, the Foreign Exchange Transactions Act, the Specific Financial Information Act, the Free Trade Zone Establishment and Operation Related Act, the Free Trade Agreement Tariff Act, and the Foreign Investment Promotion Act

(for details, see the Korean Customs Tariff Act Information Network https://unipass.customs.go.kr/clip/index.do).