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Pricing

2022
Flag → Flag
Exports $5.87BRnk 22 / 220
2022
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Top Product $546MVaccines, blood, antisera, toxins and cultures
2022
Flag → Flag
Exports $7.44BRnk 16 / 221
2022
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Top Product $1.08BTrunks and Cases
2022
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Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
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Economic Complexity (ECI) ECI 1.29Rnk 17 / 133
2022
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GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
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GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
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 GDP$2.01TCURRENT US$
Rnk 10 / 186
2012-2022
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GDP GROWTH-3.67%CURRENT US$
Rnk 169 / 186
2022
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GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
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GDP PC$34,158CURRENT US$
Rnk 30 / 186
2012-2022
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GDP PC GROWTH-2.55%CURRENT US$
Rnk 148 / 186

About

South Korea-Italy Trade: In 2022, South Korea exported $5.87B to Italy. The main products that South Korea exported to Italy were Vaccines, blood, antisera, toxins and cultures ($546M), Cars ($524M), and Hot-Rolled Iron ($437M). Over the past 5 years the exports of South Korea to Italy have increased at an annualized rate of 9.07%, from $3.81B in 2017 to $5.87B in 2022.

In 2005, South Korea exported services to Italy worth $400M, with Transportation ($292M), Other business services ($64M), and Travel ($29.9M) being the largest in terms of value.

Italy-South Korea Trade: In 2022, Italy exported $7.44B to South Korea. The main products that Italy exported to South Korea were Trunks and Cases ($1.08B), Packaged Medicaments ($681M), and Leather Footwear ($257M). Over the past 5 years the exports of Italy to South Korea have increased at an annualized rate of 7.05%,  from $4.94B in 2017 to $7.44B in 2022.

In 2020, Italy exported services to South Korea worth $212M, with Computer and information services ($46.4M), Royalties and license fees ($40.4M), and Other business services ($37.1M) being the largest in terms of value.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Italy ranked 17 in the Economic Complexity Index (ECI 1.29), and 7 in total exports ($634B).

Latest Trends

July, 2024

About

Overview In July 2024, South Korea exported $429M and imported $701M from Italy, resulting in a negative trade balance of $272M. Between July 2023 and July 2024 the exports of South Korea have increased by $14.1M (3.41%) from $415M to $429M, while imports decreased by $-33.4M (-4.55%) from $734M to $701M.

Trade In July 2024, the top exports of South Korea to Italy were Iron & steel ($74.2M), Machinery, mechanical appliances, & parts ($60.2M), Plastics & articles thereof ($45.2M), Cars, tractors, trucks & parts thereof. ($39.6M), and Electrical machinery and electronics ($37.5M). In July 2024 the top imports of South Korea from Italy were Leather articles ($133M), Machinery, mechanical appliances, & parts ($109M), Footwear ($48.1M), Non-knitted clothing accesories ($47.6M), and Cars, tractors, trucks & parts thereof. ($32.8M).

Growth In July 2024, the increase in South Korea's year-by-year exports to Italy was explained primarily by an increase in product exports in Machinery, mechanical appliances, & parts ($10.7M or 21.7%), Organic chemicals ($9.64M or 88.7%), and Aluminum articles ($1.98M or 70%). In July 2024, the decrease in South Korea's year-by-year imports  from Italy was explained primarily by an decrease in product imports  in Pharmaceutical products ($-10.3M or -24.1%), Leather articles ($-6.6M or -4.72%), and Raw hides & skin (non-fur) ($-2.85M or -40%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)$14.1M(3.41%)
IMPORT GROWTH (July 2023 - July 2024)$-33.4M(-4.55%)

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

For full datasets download visit Bulk Download page.

Explore Italy and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $5.87B to Italy. The main products exported from South Korea to Italy were Vaccines, blood, antisera, toxins and cultures ($546M), Cars ($524M), and Hot-Rolled Iron ($437M). During the last 5 years the exports of South Korea to Italy have increased at an annualized rate of 9.07%, from $3.81B in 2017 to $5.87B in 2022.

In 2017, Italy exported $7.44B to South Korea. The main products exported from Italy to South Korea were Trunks and Cases ($1.08B), Packaged Medicaments ($681M), and Leather Footwear ($257M). During the last 5 years the exports of Italy to South Korea have increased at an annualized rate of 7.05%, from $4.94B in 2022 to $7.44B in 2017.

Exports from South Korea (Flag) to Italy (Flag) (2022)

Exports from Italy (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Italy
Top DestinationGermany$78.5B

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

In 2022, countries that imported more from South Korea than Italy included China ($150B), Vietnam ($60.7B), and United States ($112B).

In 2022, countries that imported more from Italy than South Korea included Germany ($78.5B), France ($63.8B), and Spain ($32.8B).

Difference in imports from Italy (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Italy

Flow
Scale

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

During 2022, South Korea had a large net trade with Italy in the exports of Metals ($1.54B), Machines ($1.05B), and Plastics and Rubbers ($1B).

During 2017, Italy had a large net trade with South Korea in the exports of Animal Hides ($1.26B), Machines ($1.24B), and Chemical Products ($1.2B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Italy+$385MCars
Top Product Potential Italy South Korea+$148MCars

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 2005, South Korea exported services to Italy worth $400M, with Transportation ($292M), Other business services ($64M), and Travel ($29.9M) being the largest in terms of value.

In 2020, Italy exported services to South Korea worth $212M, with Computer and information services ($46.4M), Royalties and license fees ($40.4M), and Other business services ($37.1M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea (Flag) to Italy (Flag) (2005)

Services Exports from Italy (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 Italy. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Italy. Similarly, a dot/product with the flag of Italy indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Italy (Flag) (2022)

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