South Korea (KOR) and United States (USA) Trade | The Observatory of Economic Complexity

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South Korea-United States In 2022, South Korea exported $112B to United States. The main products that South Korea exported to United States are Cars ($22.5B), Office Machine Parts ($7.16B), and Motor vehicles; parts and accessories (8701 to 8705) ($6.84B). During the last 27 years the exports of South Korea to United States have increased at an annualized rate of 5.77%, from $24.6B in 1995 to $112B in 2022.

In 2005, South Korea exported services to United States worth $11.3B, with Transportation ($5.54B), Other business services ($3.23B), and Government services, n.i.e. ($855M) being the largest in terms of value.

United States-South Korea In 2022, United States exported $73.6B to South Korea. The main products that United States exported to South Korea were Crude Petroleum ($13.2B), Petroleum Gas ($8.3B), and Machinery Having Individual Functions ($5.83B). During the last 27 years the exports of United States to South Korea have increased at an annualized rate of 3.94%, from $26B in 1995 to $73.6B in 2022.

In 2017, United States exported services to South Korea worth $24.3B, with Travel ($8.34B), Royalties and license fees ($5.77B), and Transportation ($4.01B) being the largest in terms of value.

Comparison In 2022, South Korea ranked 4 in the Economic Complexity Index (ECI 1.71), and 5 in total exports ($705B). That same year, United States ranked 10 in the Economic Complexity Index (ECI 1.41), and 2 in total exports ($1.95T).

Latest Trends

February, 2024

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Overview In February 2024, South Korea exported $9.78B and imported $5.59B from United States, resulting in a positive trade balance of $4.19B. Between February 2023 and February 2024 the exports of South Korea have increased by $791M (8.8%) from $8.99B to $9.78B, while imports decreased by $-368M (-6.18%) from $5.96B to $5.59B.

Trade In February 2024, the top exports of South Korea to United States were Cars, tractors, trucks & parts thereof. ($2.62B), Electrical machinery and electronics ($1.42B), Machinery, mechanical appliances, & parts ($1.24B), Mineral fuels, mineral oils and products... ($481M), and Plastics & articles thereof ($286M). In February 2024 the top imports of South Korea from United States were Mineral fuels, mineral oils and products... ($2.66B), Machinery, mechanical appliances, & parts ($862M), Optical, photo, & film equipment; medical... ($486M), Electrical machinery and electronics ($484M), and Meat & edible offal ($303M).

Growth In February 2024, the increase in South Korea's year-by-year exports to United States was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. ($334M or 14.6%), Inorganic chemicals ($164M or 272%), and Art & antiques ($47M or 3.71k%). In February 2024, the decrease in South Korea's year-by-year imports from United States was explained primarily by an decrease in product imports in Aircraft and spacecraft ($-393M or -90%), Mineral fuels, mineral oils and products... ($-285M or -9.7%), and Organic chemicals ($-28.5M or -19.2%).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $112B to United States. The main products exported from South Korea to United States were Cars ($22.5B), Office Machine Parts ($7.16B), and Motor vehicles; parts and accessories (8701 to 8705) ($6.84B). During the last 27 years the exports of South Korea to United States have increased at an annualized rate of 5.77%, from $24.6B in 1995 to $112B in 2022.

In 2022, United States exported $73.6B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($13.2B), Petroleum Gas ($8.3B), and Machinery Having Individual Functions ($5.83B). During the last 27 years the exports of United States to South Korea have increased at an annualized rate of 3.94%, from $26B in 1995 to $73.6B in 2022.

Exports from South Korea () to United States () (2022)

Exports from United States () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

United States
Top DestinationCanada$308B

This map shows whether countries import more from South Korea or United States. Each country is colored based on the difference in imports they receive from South Korea and United States or the difference in the growth in imports.

In 2021, countries that imported more from South Korea than United States were Vietnam ($60.7B), Russia ($6.33B), and Mozambique ($4.59B).

In 2021, countries that imported more from United States than South Korea were Canada ($308B), Mexico ($294B), and United Kingdom ($75.4B).

Difference in imports from United States () and South Korea () (2022)

Comparative Advantage South Korea - United States

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between South Korea and United States by product, considering products traded by both, South Korea and United States.

During 2022, South Korea had a large net trade with United States in the exports of Machines ($42.2B), Transportation ($31.4B), and Metals ($9.27B).

During 2022, United States had a large net trade with South Korea in the exports of Mineral Products ($23.5B), Machines ($14.6B), and Chemical Products ($7.55B).

Service Trade

Bilateral Service Trade

Usa Year

Kor Year

In 2005, South Korea exported services to United States worth $11.3B, with Transportation ($5.54B), Other business services ($3.23B), and Government services, n.i.e. ($855M) being the largest in terms of value.

In 2017, United States exported services to South Korea worth $24.3B, with Travel ($8.34B), Royalties and license fees ($5.77B), and Transportation ($4.01B) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to United States () (2005)

Services Exports from United States () to South Korea () (2017)

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more South Korea has comparative advantage over United States. Similarly, the more yellow a dot/product is, the more United States has comparative advantage over South Korea.

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Latest Trends

About

Latest Trade

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Historical Data

Bilateral Trade by Products

Exports from South Korea () to United States () (2022)

Exports from United States () to South Korea () (2022)

Market Competitiveness

Difference in imports from United States () and South Korea () (2022)

Comparative Advantage South Korea - United States

Service Trade

Bilateral Service Trade

Services Exports from South Korea () to United States () (2005)

Services Exports from United States () to South Korea () (2017)

Economic Complexity

Competitive Landscape

Product Space of South Korea () and United States () (2022)

About

Latest Trends

About

Latest Trade

Subscribe today to OEC pro and access the latest data

Subscribe today to OEC pro and access the latest data

Historical Data

Bilateral Trade by Products

Exports from South Korea () to United States () (2022)

Exports from United States () to South Korea () (2022)

Market Competitiveness

Difference in imports from United States () and South Korea () (2022)

Comparative Advantage South Korea - United States

Service Trade

Bilateral Service Trade

Services Exports from South Korea () to United States () (2005)

Services Exports from United States () to South Korea () (2017)

Economic Complexity

Competitive Landscape

Product Space of South Korea () and United States () (2022)

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