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

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South Korea-United States In 2020, South Korea exported $75B to United States. The main products that South Korea exported to United States are Cars ($16.1B), Office Machine Parts ($6.02B), and Motor vehicles; parts and accessories (8701 to 8705) ($4.61B). During the last 25 years the exports of South Korea to United States have increased at an annualized rate of 4.58%, from $24.5B in 1995 to $75B in 2020.

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 2020, United States exported $53.4B to South Korea. The main products that United States exported to South Korea were Crude Petroleum ($4.88B), Petroleum Gas ($3.72B), and Photo Lab Equipment ($3.28B). During the last 25 years the exports of United States to South Korea have increased at an annualized rate of 2.82%, from $26.7B in 1995 to $53.4B in 2020.

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 2020, South Korea ranked 5 in the Economic Complexity Index (ECI 1.88), and 5 in total exports ($531B). That same year, United States ranked 9 in the Economic Complexity Index (ECI 1.56), and 2 in total exports ($1.34T).

Latest Trends

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September, 2022

About

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Overview In September 2022, South Korea exported $9.26B and imported $6.7B from United States, resulting in a positive trade balance of $2.56B. Between September 2021 and September 2022 the exports of South Korea have increased by $1.28B (16.1%) from $7.98B to $9.26B, while imports increased by $744M (12.5%) from $5.96B to $6.7B.

Trade In September 2022, the top exports of South Korea to United States were Vehicles ($2.73B), Electrical machinery and equipment and parts... ($1.9B), Nuclear reactors, boilers, machinery and mechanical... ($1.8B), Mineral fuels, mineral oils and products... ($473M), and Plastics and articles thereof ($348M). In September 2022 the top imports of South Korea from United States were Mineral fuels, mineral oils and products... ($2.6B), Nuclear reactors, boilers, machinery and mechanical... ($623M), Electrical machinery and equipment and parts... ($463M), Vehicles ($430M), and Optical, photographic, cinematographic, measuring, checking, medical... ($340M).

Growth In September 2022, the increase in South Korea's year-by-year exports to United States was explained primarily by an increase in product exports in Ships, boats and floating structures ($1.74B or 933k%), Vehicles ($522M or 33.2%), and Nuclear reactors, boilers, machinery and mechanical... ($259M or 21.8%). In September 2022, the increase in South Korea's year-by-year imports from United States was explained primarily by an increase in product imports in Nuclear reactors, boilers, machinery and mechanical... ($303M or 46.7%), Optical, photographic, cinematographic, measuring, checking, medical... ($138M or 45.6%), and Precious metals, gems and jewelry ($46.6M or 243%).

Latest Trade

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Flow

Time Scale

Depth

Value

EXPORT GROWTH (September 2021 - September 2022): $1.28B, (16.1%)

IMPORT GROWTH (September 2021 - September 2022): $744M, (12.5%)

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

Year

In 2020, South Korea exported $75B to United States. The main products exported from South Korea to United States were Cars ($16.1B), Office Machine Parts ($6.02B), and Motor vehicles; parts and accessories (8701 to 8705) ($4.61B). During the last 25 years the exports of South Korea to United States have increased at an annualized rate of 4.58%, from $24.5B in 1995 to $75B in 2020.

In 2020, United States exported $53.4B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($4.88B), Petroleum Gas ($3.72B), and Photo Lab Equipment ($3.28B). During the last 25 years the exports of United States to South Korea have increased at an annualized rate of 2.82%, from $26.7B in 1995 to $53.4B in 2020.

Market Competitiveness

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Measure

SectionYear

South Korea
Top Destination: China, $131B

United States
Top Destination: Canada, $218B

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 ($48B), China ($131B), and Hong Kong ($30.9B).

In 2019, countries that imported more from United States than South Korea were Canada ($218B), Mexico ($196B), and Germany ($59.2B).

Comparative Advantage South Korea - United States

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Flow

Year

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

During 2020, South Korea had a large net trade with United States in the exports of Machines ($31.3B), Transportation ($21.9B), and Plastics and Rubbers ($4.47B).

During 2020, United States had a large net trade with South Korea in the exports of Mineral Products ($10.3B), Machines ($10.2B), and Chemical Products ($6.94B).

Service Trade

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Bilateral Service Trade

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Usa YearKor 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 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.

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 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.

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Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Market Competitiveness

Comparative Advantage South Korea - United States

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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