South Korea (KOR) and Australia (AUS) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and Australia (AUS) Trade

2022

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Exports $18.7BRnk 9 / 220

2022

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About

South Korea-Australia In 2022, South Korea exported $18.7B to Australia. The main products that South Korea exported to Australia are Refined Petroleum ($10.5B), Cars ($3.15B), and Vaccines, blood, antisera, toxins and cultures ($472M). During the last 27 years the exports of South Korea to Australia have increased at an annualized rate of 9.38%, from $1.66B in 1995 to $18.7B in 2022.

In 2005, South Korea exported services to Australia worth $488M, with Transportation ($252M), Travel ($111M), and Other business services ($79.8M) being the largest in terms of value.

Australia-South Korea In 2022, Australia exported $41B to South Korea. The main products that Australia exported to South Korea were Petroleum Gas ($13.3B), Coal Briquettes ($11.5B), and Iron Ore ($5.15B). During the last 27 years the exports of Australia to South Korea have increased at an annualized rate of 7.8%, from $5.39B in 1995 to $41B in 2022.

In 2009, Australia exported services to South Korea worth $1.45B, with Travel ($1.35B), Transportation ($53M), and Other business services ($11.9M) 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, Australia ranked 77 in the Economic Complexity Index (ECI -0.35), and 16 in total exports ($424B).

Latest Trends

February, 2024

About

Overview In February 2024, South Korea exported $1.25B and imported $2.34B from Australia, resulting in a negative trade balance of $1.09B. Between February 2023 and February 2024 the exports of South Korea have decreased by $-192M (-13.3%) from $1.44B to $1.25B, while imports decreased by $-1.14B (-32.7%) from $3.48B to $2.34B.

Trade In February 2024, the top exports of South Korea to Australia were Mineral fuels, mineral oils and products... ($684M), Cars, tractors, trucks & parts thereof. ($339M), Machinery, mechanical appliances, & parts ($36.3M), Electrical machinery and electronics ($27.6M), and Railway and trams ($26.7M). In February 2024 the top imports of South Korea from Australia were Mineral fuels, mineral oils and products... ($2.85B), Ores, slag and ash ($594M), Meat & edible offal ($185M), Aluminum articles ($93M), and Precious stones, metals, & pearls ($73.4M).

Growth In February 2024, the decrease in South Korea's year-by-year exports to Australia was explained primarily by an decrease in product exports in Pharmaceutical products ($-98.9M or -99.7%), Iron & steel ($-49.5M or -65.1%), and Electrical machinery and electronics ($-23.9M or -46.4%). In February 2024, the decrease in South Korea's year-by-year imports from Australia was explained primarily by an decrease in product imports in Ores, slag and ash ($-104M or -14.9%), Precious stones, metals, & pearls ($-75.5M or -50.7%), and Meat & edible offal ($-36.4M or -16.5%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$-192M(-13.3%)

IMPORT GROWTH (February 2023 - February 2024)$-1.14B(-32.7%)

This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot or any product to explore the exports or imports behavior of South Korea over time.

To check Australia and South Korea trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $18.7B to Australia. The main products exported from South Korea to Australia were Refined Petroleum ($10.5B), Cars ($3.15B), and Vaccines, blood, antisera, toxins and cultures ($472M). During the last 27 years the exports of South Korea to Australia have increased at an annualized rate of 9.38%, from $1.66B in 1995 to $18.7B in 2022.

In 2022, Australia exported $41B to South Korea. The main products exported from Australia to South Korea were Petroleum Gas ($13.3B), Coal Briquettes ($11.5B), and Iron Ore ($5.15B). During the last 27 years the exports of Australia to South Korea have increased at an annualized rate of 7.8%, from $5.39B in 1995 to $41B in 2022.

Exports from South Korea () to Australia () (2022)

Exports from Australia () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

Australia
Top DestinationChina$123B

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

In 2021, countries that imported more from South Korea than Australia were United States ($112B), Vietnam ($60.7B), and China ($150B).

In 2021, countries that imported more from Australia than South Korea were Japan ($80.1B), India ($31.5B), and New Zealand ($7.3B).

Difference in imports from Australia () and South Korea () (2022)

Comparative Advantage South Korea - Australia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with Australia in the exports of Mineral Products ($10.6B), Transportation ($3.88B), and Machines ($1.11B).

During 2022, Australia had a large net trade with South Korea in the exports of Mineral Products ($34.3B), Animal Products ($1.79B), and Metals ($1.7B).

Service Trade

Bilateral Service Trade

Aus Year

In 2005, South Korea exported services to Australia worth $488M, with Transportation ($252M), Travel ($111M), and Other business services ($79.8M) being the largest in terms of value.

In 2009, Australia exported services to South Korea worth $1.45B, with Travel ($1.35B), Transportation ($53M), and Other business services ($11.9M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to Australia () (2005)

Services Exports from Australia () to South Korea () (2009)

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 Australia. Similarly, the more yellow a dot/product is, the more Australia has comparative advantage over South Korea.

Product Space of South Korea () and Australia () (2022)

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