South Korea (KOR) and United States (USA) Trade | OEC - The Observatory of Economic Complexity

About

South Korea-United States In 2019, South Korea exported $74.8B to United States. The main products that South Korea exported to United States are Cars ($16.1B), Vehicle Parts ($5.15B), and Office Machine Parts ($4.58B). During the last 24 years the exports of South Korea to United States have increased at an annualized rate of 4.79%, from $24.3B in 1995 to $74.8B in 2019.

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 2019, United States exported $57.6B to South Korea . The main products that United States exported to South Korea were Crude Petroleum ($8.81B), Petroleum Gas ($3.58B), and Integrated Circuits ($3.13B). During the last 24 years the exports of United States to South Korea have increased at an annualized rate of 3.2%, from $27.1B in 1995 to $57.6B in 2019.

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 2019, South Korea ranked 5 in the Economic Complexity Index (ECI 1.9), and 6 in total exports ($555B). That same year, United States ranked 10 in the Economic Complexity Index (ECI 1.58), and 2 in total exports ($1.51T).

Latest Trends

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October, 2021

About

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Overview In October 2021 South Korea exported $8.07B and imported $5.99B from United States, resulting in a positive trade balance of $2.07B. Between October 2020 and October 2021 the exports of South Korea have increased by $1.5B (22.9%) from $6.56B to $8.07B, while imports increased by $1.63B (37.3%) from $4.36B to $5.99B.

Trade In October 2021, the top exports of South Korea to United States were Nuclear reactors, boilers, machinery and mechanical... ($1.94B), Vehicles; other than railway or tramway... ($1.8B), Electrical machinery and equipment and parts... ($1.39B), Mineral fuels, mineral oils and products... ($461M), and Plastics and articles thereof ($439M). In October 2021 the top imports of South Korea from United States were Mineral fuels, mineral oils and products... ($1.79B), Nuclear reactors, boilers, machinery and mechanical... ($739M), Electrical machinery and equipment and parts... ($453M), Vehicles; other than railway or tramway... ($355M), and Optical, photographic, cinematographic, measuring, checking, medical... ($353M).

Growth In October 2021, the increase in South Korea's year-by-year exports to United States was explained primarily by an increase in product exports in Nuclear reactors, boilers, machinery and mechanical... ($510M or 35.7%), Mineral fuels, mineral oils and products... ($282M or 158%), and Electrical machinery and equipment and parts... ($226M or 19.4%). In October 2021, the increase in South Korea's year-by-year imports from United States was explained primarily by an increase in product imports in Mineral fuels, mineral oils and products... ($923M or 107%), Nuclear reactors, boilers, machinery and mechanical... ($179M or 31.9%), and Pharmaceutical products ($131M or 102%).

Latest Trade

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Time Scale

Flow

Depth

Value

EXPORT GROWTH (October 2020 - October 2021): $1.5B, (22.9%)

IMPORT GROWTH (October 2020 - October 2021): $1.63B, (37.3%)

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 United States 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

Compare to

Year

In 2019, South Korea exported $74.8B to United States. The main products exported from South Korea to United States were Cars ($16.1B), Vehicle Parts ($5.15B), and Office Machine Parts ($4.58B). During the last 24 years the exports of South Korea to United States have increased at an annualized rate of 4.79%, from $24.3B in 1995 to $74.8B in 2019.

In 2019, United States exported $57.6B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($8.81B), Petroleum Gas ($3.58B), and Integrated Circuits ($3.13B). During the last 24 years the exports of United States to South Korea have increased at an annualized rate of 3.2%, from $27.1B in 1995 to $57.6B in 2019.

Latest Data

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South Korea Exports

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Date

United States Exports

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Date

Market Competitiveness

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Measure

SectionYear

South Korea
Top Destination: China, $136B

United States
Top Destination: Canada, $252B

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 2019, countries that imported more from South Korea than United States were Vietnam ($47.8B), China ($136B), and Marshall Islands ($3.44B).

In 2019, countries that imported more from United States than South Korea were Canada ($252B), Mexico ($235B), and Germany ($59.8B).

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 2019, South Korea had a large net trade with United States in the exports of Machines ($28.1B), Transportation ($22.7B), and Metals ($5.13B).

During 2019, United States had a large net trade with South Korea in the exports of Mineral Products ($14.2B), Machines ($10.8B), and Chemical Products ($7.12B).

TEST

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Flow

Year

Tariff Section

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Tariffs

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This section 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 2019, the products from United States that paid the highest import tariffs to enter South Korea were Non-alcoholic beverages; other than non-alcoholic beer, n.e.c. in item no. 2202.10, not including fruit or vegetable juices of heading no. 2009 (8.42k%) and Waterproof footwear (Wellingtons etc), metal toe cap (37.5%).

*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

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

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Latest Data

South Korea Exports

United States Exports

Market Competitiveness

Comparative Advantage South Korea - United States

TEST

Tariff Section

Tariffs

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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