The Republic of Korea is located in Eastern Asia, southern half of the Korean Peninsula. The country has been recording trade surpluses over the years due to constant export growth. The country’s main exports are high-tech manufactured products like semiconductors, machinery, automobiless, ships, LCD and wireless communication devices. Its major export partners are China, member countries of the Association of Southeast Asian Nations (ASEAN), the United States, the European Union (EU), Japan, India, Brazil and Paraguay. South Korea imports mainly oil, semiconductors and natural gas, coal, steel and iron ore. Its main import partners are China, Japan, the United States, Saudi Arabia, the European Union, member states of ASEAN and Australia. South Korea became a member of the World Trade Organization (WTO) in 1995.