Korea and Taiwan:The Republic of Korea and Taiwan have transformed their economies over the past 50-60 years to become leaders in several industry sectors, and have obtained high levels of wealth and productivity on the world stage. The single-most significant factor has been the balance of international trade each has maintained. As each country has lacked the raw materials, and each has a current history of military conflict, each economy has essentially been built from scratch. It is impressive to see the progress the two nations have attained; much like Japan after being conquered in 1945. Then rising to become true global players.
The following chart compares the three countries along seven key factors for cross-border trading assessment for 2008-2010. The costs of import and export are inversely related to the time and number of documents required for processing. Korea has maintained an excellent balance of these two key factors to earn a ranking of 8th in the world. Taiwans’ time to import/export at two weeks seems to place them further in the global rankings. Costs of importing/exporting have declined in both Korea and Taiwan (comparing 2008 and 2010); time to import/export has shortened and the document load has decreased in Korea while remaining at the same levels for Taiwan. Even though the costs of import/export in the US have increased over the past three years; the importing costs lost two places in the global ranking, while Korea gained four places and Taiwan gained one place.
Trading Across Borders data | Doing Business 2008 | Doing Business 2009 | Doing Business 2010 | |
Republic of Korea | Rank | - | 12 | 8 |
Cost to export (US$ per container) | 745 | 767 | 742 | |
Cost to import (US$ per container) | 745 | 747 | 742 | |
Documents to export (number) | 4 | 4 | 3 | |
Documents to import (number) | 6 | 6 | 3 | |
Time to export (days) | 11 | 8 | 8 | |
Time to import (days) | 10 | 8 | 8 | |
Taiwan | Rank | - | 34 | 33 |
Cost to export (US$ per container) | 747 | 757 | 720 | |
Cost to import (US$ per container) | 747 | 769 | 732 | |
Documents to export (number) | 7 | 7 | 7 | |
Documents to import (number) | 7 | 7 | 7 | |
Time to export (days) | 13 | 13 | 13 | |
Time to import (days) | 12 | 12 | 12 | |
US | Rank | - | 16 | 18 |
Cost to export (US$ per container) | 960 | 990 | 1050 | |
Cost to import (US$ per container) | 1160 | 1245 | 1315 | |
Documents to export (number) | 4 | 4 | 4 | |
Documents to import (number) | 5 | 5 | 5 | |
Time to export (days) | 6 | 6 | 6 | |
Time to import (days) | 5 | 5 | 5 | |
SOURCE: The International Bank for Reconstruction & Development / The World Bank | ||||
