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Tax and Revenue Management

Korean Customs to e-track goods

By Johanna Morden | 19 May 2011

The Korea Customs Service will be tracking goods electronically to enhance supervision on transhipment and support the economy’s move to free trade.

On Tuesday, the Korea Customs Service (KCS) released its medium-term goals that centre on a new inspection system, dubbed e-Seal, to minimise customs procedure for honest traders while making it harder for new traders and trans-exporters.

“With more free trade agreements coming, it is necessary to adopt a more efficient paperless system but one that filters out illegal transshipments,” said the KCS.

e-Seal is the agency’s response to the increasing number of reported overseas traders repacking foreign products as Made-in-Korea to raise their prices in Europe and the US.

The tracking system was designed to benefit frequent, honest traders.

All items entering the country to be transferred to another port or airport will be tagged through e-Seal. A notification will be sent to the KCS upon the items’ opening or repackaging.

“Korea is one of the first to have adopted a paperless customs system and we exported it to six countries and earned $62.1 million. A lot of them are coming back to build a secondary unit or to learn more,” said the KCS.

The total amount of imports and exports in South Korea, Asia’s fourth largest economy, is expected to reach over US$1 trillion in 2011.

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