South Korea (KOR) and United States (USA) Trade

About

South Korea-United States: In 2018, South Korea exported $73.1B to United States. The main products exported from South Korea to United States were Cars ($14B), Office Machine Parts ($6.14B), and Vehicle Parts ($4.84B). During the last 23 years the exports of South Korea to United States have increased at an annualized rate of 4.8%, from $24.9B in 1995 to $73.1B in 2018. 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 2018, United States exported $55.8B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($5.13B), Petroleum Gas ($3.73B), and Photo Lab Equipment ($3.25B). During the last 23 years the exports of United States to South Korea have increased at an annualized rate of 2.89%, from $29B in 1995 to $55.8B in 2018. In 2011, United States exported services to South Korea worth $13.3B, with Travel ($5.9B), Royalties and license fees ($4.53B), and Transportation ($2.23B) being the largest in terms of value.

Comparison: In 2018, South Korea ranked 5 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($617B). That same year, United States ranked 9 in the Economic Complexity Index (ECI 1.57), and 3 in total exports ($1.44T). In terms of GDP Per Capita, South Korea was ranked 34 with a GDP Per Capita of $31,363, and United States was ranked 10 with a GDP Per Capita of $62,795.

Product Trade

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Bilateral Trade by Products

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Depth

Value

Year

In 2018, South Korea exported $73.1B to United States. The main products exported from South Korea to United States were Cars ($14B), Office Machine Parts ($6.14B), and Vehicle Parts ($4.84B). During the last 23 years the exports of South Korea to United States have increased at an annualized rate of 4.8%, from $24.9B in 1995 to $73.1B in 2018.

In 2018, United States exported $55.8B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($5.13B), Petroleum Gas ($3.73B), and Photo Lab Equipment ($3.25B). During the last 23 years the exports of United States to South Korea have increased at an annualized rate of 2.89%, from $29B in 1995 to $55.8B in 2018.

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, $160B

United States
Top Destination: Mexico, $237B

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 2018, countries that imported more from South Korea than United States were China ($160B), Vietnam ($48.6B), and Hong Kong ($44.5B).

In 2018, countries that imported more from United States than South Korea were Mexico ($237B), Canada ($190B), and Germany ($55.8B).

Comparative Advantage South Korea - United States

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Depth

Year

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

During 2018, South Korea had a large net trade with United States in the exports of Machines ($29.6B), Transportation ($20.3B), and Metals ($5.36B).

During 2018, United States had a large net trade with South Korea in the exports of Machines ($11.1B), Mineral Products ($10.7B), and Instruments ($7.09B).

Tariff Section

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Tariffs

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This sections shows import tariffs for products traded between South Korea and United States (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 United States were Rice in the husk (paddy or rough) (513%) and Rice, husked (brown) (513%).

In 2018, the products from United States that paid the highest import tariffs to enter South Korea were Tobacco, unmanufactured, not stemmed or stripped (52.5%) and Waterproof footwear (Wellingtons etc), metal toe cap (37.5%).

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*The tariffs present between South Korea and United States are:
136: Most Favoured Nation duty rate treatement
329: Preferential tariff for United States under (AUSFTA) Australia-United States Free Trade Agreement

Forecasts

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Trade Forecasts

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This section shows a forecast for total trade between South Korea and United States. The forecast is based on a long short-term memory model or LSTM constructed using yearly trade data.

To create custom forecast, or modify the parameters of the forecasting model, visit our Forecast Section.

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Service Trade

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Bilateral Service Trade

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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 2011, United States exported services to South Korea worth $13.3B, with Travel ($5.9B), Royalties and license fees ($4.53B), and Transportation ($2.23B) 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 United States. Similarly, the more red a dot/product is, the more United States has comparative advantage over South Korea.

About

Product Trade

Bilateral Trade by Products

Latest Data

Market Competitiveness

Comparative Advantage South Korea - United States

Tariff Section

Tariffs

Forecasts

Trade Forecasts

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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