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2023
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Exports $1.24BRnk 40 / 142
2023
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Top Product $320MCars
2023
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Exports $1.48BRnk 25 / 213
2023
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Top Product $342MCars
2023
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Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
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Economic Complexity (ECI) ECI 1.56Rnk 8 / 132
2023
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GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
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 GDP$512BCURRENT US$
Rnk 29 / 195
2013-2023
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GDP GROWTH20%CURRENT US$
Rnk 141 / 195
2023
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GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
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GDP PC$56,034CURRENT US$
Rnk 18 / 196
2013-2023
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GDP PC GROWTH11.4%CURRENT US$
Rnk 131 / 195

About

South Korea-Austria Trade: In 2023, South Korea exported $1.24B to Austria. The main products that South Korea exported to Austria were Cars ($320M), Paintings ($54.1M), and Medical Instruments ($52.2M). Over the past 5 years the exports of South Korea to Austria have increased at an annualized rate of 4.61%, from $991M in 2018 to $1.24B in 2023.

In 2023, South Korea did not export any services to Austria.

Austria-South Korea Trade: In 2023, Austria exported $1.48B to South Korea. The main products that Austria exported to South Korea were Cars ($342M), Machinery Having Individual Functions ($170M), and Pig Meat ($92.7M). Over the past 5 years the exports of Austria to South Korea have decreased at an annualized rate of 3.38%,  from $1.76B in 2018 to $1.48B in 2023.

In 2020, Austria exported services to South Korea worth $164M, with Other business services ($89.1M), Transportation ($30.8M), and Travel ($14.8M) being the largest in terms of value.

Comparison: In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Austria ranked 8 in the Economic Complexity Index (ECI 1.56), and 31 in total exports ($204B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $71.4M and imported $173M from Austria, resulting in a negative trade balance of $102M. Between December 2023 and December 2024 the exports of South Korea have increased by $6.5M (10%) from $64.9M to $71.4M, while imports increased by $44.4M (34.4%) from $129M to $173M.

Trade In December 2024, the top exports of South Korea to Austria were Electrical machinery and electronics ($50.9M), Cars, tractors, trucks & parts thereof. ($11.9M), Optical, photo, & film equipment; medical... ($6.98M), Machinery, mechanical appliances, & parts ($4.94M), and Plastics & articles thereof ($2.21M). In December 2024 the top imports of South Korea from Austria were Machinery, mechanical appliances, & parts ($12.5M), Cars, tractors, trucks & parts thereof. ($11.3M), Electrical machinery and electronics ($10.3M), Pharmaceutical products ($7.27M), and Optical, photo, & film equipment; medical... ($7.07M).

Growth In December 2024, the increase in South Korea's year-by-year exports to Austria was explained primarily by an increase in product exports in Optical, photo, & film equipment; medical... ($1.01M or 16.9%), Copper articles ($637k or 1.72k%), and Rubber & articles thereof ($147k or 86.5%). In December 2024, the increase in South Korea's year-by-year imports  from Austria was explained primarily by an increase in product imports  in Miscellaneous metal products ($812k or 134%), Miscellaneous edible preparations ($699k or 278%), and Optical, photo, & film equipment; medical... ($583k or 8.99%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$6.5M(10%)
IMPORT GROWTH (December 2023 - December 2024)$44.4M(34.4%)

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 Austria and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Austria and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $1.24B to Austria. The main products exported from South Korea to Austria were Cars ($320M), Paintings ($54.1M), and Medical Instruments ($52.2M). During the last 5 years the exports of South Korea to Austria have increased at an annualized rate of 4.61%, from $991M in 2018 to $1.24B in 2023.

In 2018, Austria exported $1.48B to South Korea. The main products exported from Austria to South Korea were Cars ($342M), Machinery Having Individual Functions ($170M), and Pig Meat ($92.7M). During the last 5 years the exports of Austria to South Korea have decreased at an annualized rate of 3.38%, from $1.76B in 2023 to $1.48B in 2018.

Exports from South Korea (Flag) to Austria (Flag) (2023)

Exports from Austria (Flag) to South Korea (Flag) (2023)

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Austria
Top DestinationGermany$51B

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

In 2023, countries that imported more from South Korea than Austria included China ($162B), United States ($118B), and Hong Kong ($28.8B).

In 2023, countries that imported more from Austria than South Korea included Germany ($51B), Switzerland ($10.9B), and Italy ($13.5B).

Difference in imports from Austria (Flag) and South Korea (Flag) (2023)

Comparative Advantage South Korea - Austria

Flow
Scale

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

During 2023, South Korea had a large net trade with Austria in the exports of Machines ($417M), Transportation ($346M), and Arts and Antiques ($114M).

During 2018, Austria had a large net trade with South Korea in the exports of Machines ($525M), Transportation ($489M), and Animal Products ($101M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Austria+$111MCars
Top Product Potential Austria South Korea+$30.7MMotor vehicles; parts and accessories (8701 to 8705)

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2020, Austria exported services to South Korea worth $164M, with Other business services ($89.1M), Transportation ($30.8M), and Travel ($14.8M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Austria (Flag) to South Korea (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of South Korea and Austria. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Austria. Similarly, a dot/product with the flag of Austria indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Austria (Flag) (2023)

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