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

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

2021

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Exports $95.9BRnk 2 / 218

2021

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About

South Korea-United States In 2021, South Korea exported $95.9B to United States. The main products that South Korea exported to United States are Cars ($17.6B), Office Machine Parts ($7.59B), and Motor vehicles; parts and accessories (8701 to 8705) ($5.74B). During the last 26 years the exports of South Korea to United States have increased at an annualized rate of 5.38%, from $24.5B in 1995 to $95.9B in 2021.

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 2021, United States exported $66.4B to South Korea. The main products that United States exported to South Korea were Crude Petroleum ($8.05B), Petroleum Gas ($6.61B), and Photo Lab Equipment ($4.81B). During the last 26 years the exports of United States to South Korea have increased at an annualized rate of 3.69%, from $25.9B in 1995 to $66.4B in 2021.

In 2017, United States exported services to South Korea worth $24.3B, with Travel ($8.34B), Royalties and license fees ($5.77B), and Transportation ($4.01B) being the largest in terms of value.

Comparison In 2021, South Korea ranked 4 in the Economic Complexity Index (ECI 1.82), and 5 in total exports ($653B). That same year, United States ranked 10 in the Economic Complexity Index (ECI 1.46), and 2 in total exports ($1.63T).

Latest Trends

October, 2023

About

Overview In October 2023, South Korea exported $10B and imported $6.21B from United States, resulting in a positive trade balance of $3.84B. Between October 2022 and October 2023 the exports of South Korea have increased by $1.45B (16.9%) from $8.6B to $10B, while imports decreased by $-480M (-7.18%) from $6.69B to $6.21B.

Trade In October 2023, the top exports of South Korea to United States were Cars, tractors, trucks & parts thereof. ($2.28B), Machinery, mechanical appliances, & parts ($1.71B), Electrical machinery and electronics ($1.41B), Mineral fuels, mineral oils and products... ($440M), and Plastics and articles thereof ($435M). In October 2023 the top imports of South Korea from United States were Mineral fuels, mineral oils and products... ($2.94B), Machinery, mechanical appliances, & parts ($702M), Electrical machinery and electronics ($459M), Aircraft and spacecraft ($437M), and Meat & edible offal ($328M).

Growth In October 2023, the increase in South Korea's year-by-year exports to United States was explained primarily by an increase in product exports in Mineral fuels, mineral oils and products... ($290M or 193%), Machinery, mechanical appliances, & parts ($260M or 17.9%), and Iron or steel articles ($186M or 149%). In October 2023, the decrease in South Korea's year-by-year imports from United States was explained primarily by an decrease in product imports in Machinery, mechanical appliances, & parts ($-251M or -26.3%), Electrical machinery and electronics ($-124M or -21.3%), and Optical, photographic, cinematographic, measuring, checking, medical... ($-118M or -26.8%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (October 2022 - October 2023)$1.45B(16.9%)

IMPORT GROWTH (October 2022 - October 2023)$-480M(-7.18%)

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

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2021, South Korea exported $95.9B to United States. The main products exported from South Korea to United States were Cars ($17.6B), Office Machine Parts ($7.59B), and Motor vehicles; parts and accessories (8701 to 8705) ($5.74B). During the last 26 years the exports of South Korea to United States have increased at an annualized rate of 5.38%, from $24.5B in 1995 to $95.9B in 2021.

In 2021, United States exported $66.4B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($8.05B), Petroleum Gas ($6.61B), and Photo Lab Equipment ($4.81B). During the last 26 years the exports of United States to South Korea have increased at an annualized rate of 3.69%, from $25.9B in 1995 to $66.4B in 2021.

Exports from South Korea () to United States () (2021)

Exports from United States () to South Korea () (2021)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$158B

United States
Top DestinationCanada$259B

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 2021, countries that imported more from South Korea than United States were Vietnam ($56.5B), Hong Kong ($38.2B), and China ($158B).

In 2021, countries that imported more from United States than South Korea were Canada ($259B), Mexico ($247B), and Germany ($64.2B).

Difference in imports from United States () and South Korea () (2021)

Comparative Advantage South Korea - United States

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2021, South Korea had a large net trade with United States in the exports of Machines ($39.3B), Transportation ($26.3B), and Metals ($6.6B).

During 2021, United States had a large net trade with South Korea in the exports of Mineral Products ($16.8B), Machines ($10.6B), and Instruments ($8.77B).

Service Trade

Bilateral Service Trade

Usa Year

Kor Year

In 2017, United States exported services to South Korea worth $24.3B, with Travel ($8.34B), Royalties and license fees ($5.77B), and Transportation ($4.01B) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to United States () (2005)

Services Exports from United States () to South Korea () (2017)

Economic Complexity

Competitive Landscape

Year

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

Product Space of South Korea () and United States () (2021)

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