South Korea (KOR) and Japan (JPN) Trade | OEC - The Observatory of Economic Complexity

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South Korea-Japan: In 2019, South Korea exported $28.3B to Japan. The main products that South Korea exported to Japan are Refined Petroleum ($3.95B), Integrated Circuits ($801M), and Hot-Rolled Iron ($795M). During the last 24 years the exports of South Korea to Japan have increased at an annualized rate of 2.14%, from $17B in 1995 to $28.3B in 2019.

In 2005, South Korea exported services to Japan worth $6.48B, with Transportation ($2.43B), Travel ($2.16B), and Other business services ($1.64B) being the largest in terms of value.

Japan-South Korea: In 2019, Japan exported $44.9B to South Korea . The main products that Japan exported to South Korea were Integrated Circuits ($2.02B), Machinery Having Individual Functions ($1.96B), and Hot-Rolled Iron ($1.61B). During the last 24 years the exports of Japan to South Korea have increased at an annualized rate of 1.59%, from $30.8B in 1995 to $44.9B in 2019.

In 2009, Japan exported services to South Korea worth $8.05B, with Services not allocated ($3.91B), Transportation ($2.32B), and Travel ($1.64B) being the largest in terms of value.

Comparison: In 2019, South Korea ranked 5 in the Economic Complexity Index (ECI 1.9), and 6 in total exports ($555B). That same year, Japan ranked 1 in the Economic Complexity Index (ECI 2.2), and 4 in total exports ($696B).

Latest Trends (May, 2021)

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About

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Overview: In May 2021 South Korea exported $2.35B and imported $3.96B from Japan, resulting in a negative trade balance of $1.6B. Between May 2020 and May 2021 the exports of South Korea have increased by $573M (32.2%) from $1.78B to $2.35B, while imports increased by $856M (27.6%) from $3.1B to $3.96B.

Trade: In May 2021, the top exports of South Korea to Japan were Mineral fuels, mineral oils and products... ($326M), Electrical machinery and equipment and parts... ($320M), Nuclear reactors, boilers, machinery and mechanical... ($249M), Iron and steel ($214M), and Natural, cultured pearls; precious, semi-precious stones;... ($170M). In May 2021 the top imports of South Korea from Japan were Nuclear reactors, boilers, machinery and mechanical... ($769M), Electrical machinery and equipment and parts... ($650M), Iron and steel ($382M), Optical, photographic, cinematographic, measuring, checking, medical... ($322M), and Plastics and articles thereof ($265M).

Growth: In May 2021, the increase in South Korea's year-by-year exports to Japan was explained primarily by an increase in product exports in Mineral fuels, mineral oils and products... ($210M or 180%), Natural, cultured pearls; precious, semi-precious stones;... ($97.6M or 135%), and Iron and steel ($52.8M or 32.7%). In May 2021, the increase in South Korea's year-by-year imports from Japan was explained primarily by an increase in product imports in Electrical machinery and equipment and parts... ($210M or 47.8%), Organic chemicals ($110M or 93.4%), and Iron and steel ($81.6M or 27.2%).

Latest Trade

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Time Scale

Flow

Depth

Value

EXPORT GROWTH (May 2020 - May 2021): $573M, (32.2%)

IMPORT GROWTH (May 2020 - May 2021): $856M, (27.6%)

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

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Historical Data

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Bilateral Trade by Products

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Depth

Value

Year

In 2019, South Korea exported $28.3B to Japan. The main products exported from South Korea to Japan were Refined Petroleum ($3.95B), Integrated Circuits ($801M), and Hot-Rolled Iron ($795M). During the last 24 years the exports of South Korea to Japan have increased at an annualized rate of 2.14%, from $17B in 1995 to $28.3B in 2019.

In 2019, Japan exported $44.9B to South Korea. The main products exported from Japan to South Korea were Integrated Circuits ($2.02B), Machinery Having Individual Functions ($1.96B), and Hot-Rolled Iron ($1.61B). During the last 24 years the exports of Japan to South Korea have increased at an annualized rate of 1.59%, from $30.8B in 1995 to $44.9B in 2019.

Latest Data

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Date

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Date

Market Competitiveness

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Measure

SectionYear

South Korea
Top Destination: China, $136B

Japan
Top Destination: United States, $134B

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

In 2019, countries that imported more from South Korea than Japan were Vietnam ($47.8B), China ($136B), and India ($15.3B).

In 2019, countries that imported more from Japan than South Korea were United States ($134B), Chinese Taipei ($41.6B), and Thailand ($28.9B).

Comparative Advantage South Korea - Japan

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Depth

Year

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

During 2019, South Korea had a large net trade with Japan in the exports of Machines ($7.33B), Metals ($4.97B), and Mineral Products ($4.39B).

During 2019, Japan had a large net trade with South Korea in the exports of Machines ($13.6B), Chemical Products ($8.49B), and Metals ($7.25B).

Tariff Section

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Tariffs

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This section shows import tariffs for products traded between South Korea and Japan (using the HS6 product classification and the last year reported).

In 2018, the products from South Korea that paid the highest import tariffs to enter Japan were Cereals: fonio (Digitaria spp.) (800%) and Cereals: quinoa (Chenopodium quinoa) (800%).

In 2018, the products from Japan that paid the highest import tariffs to enter South Korea were Glucose including syrup of 20%-50% dry weight fructos (43.3%) and Fructose, syrup > 50% fructose, not pure fructose (43.3%).

*The tariffs present between South Korea and Japan are:
136: Most Favoured Nation duty rate treatement

Service Trade

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Bilateral Service Trade

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Jpn YearKor Year

In 2005, South Korea exported services to Japan worth $6.48B, with Transportation ($2.43B), Travel ($2.16B), and Other business services ($1.64B) being the largest in terms of value.

In 2009, Japan exported services to South Korea worth $8.05B, with Services not allocated ($3.91B), Transportation ($2.32B), and Travel ($1.64B) being the largest in terms of value.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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Year

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

About

Latest Trends (May, 2021)

About

Latest Trade

Historical Data

Bilateral Trade by Products

Latest Data

Market Competitiveness

Comparative Advantage South Korea - Japan

Tariff Section

Tariffs

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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