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

2023

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Exports $61.3BRnk 8 / 220

2023

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About

United States-South Korea Trade: In 2023, United States exported $61.3B to South Korea. The main products that United States exported to South Korea were Crude Petroleum ($12.1B), Machinery Having Individual Functions ($4.61B), and Petroleum Gas ($4.2B). Over the past 5 years the exports of United States to South Korea have increased at an annualized rate of 1.13%, from $58B in 2018 to $61.3B in 2023.

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.

South Korea-United States Trade: In 2023, South Korea exported $118B to United States. The main products that South Korea exported to United States were Cars ($31.3B), Motor vehicles; parts and accessories (8701 to 8705) ($6.17B), and Refined Petroleum ($4.63B). Over the past 5 years the exports of South Korea to United States have increased at an annualized rate of 9.55%, from $74.7B in 2018 to $118B in 2023.

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.

Comparison: In 2023, United States ranked 10 in the Economic Complexity Index (ECI 1.5), and 2 in total exports ($1.86T). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Company data: In 2023, leading companies such as LG Electronics (46.9k), Samsung (20.7k), and Hankook Tires (4.38k) were at the forefront of exporting goods from South Korea to the United States. Conversely, Lg Electronics Inc (39.6k), Samsung Electronics Co., Ltd (18.5k), and Other (6.6k) were notable for importing products to South Korea from the United States.

Latest Trends

November, 2024

About

Overview In November 2024, United States exported $5.12B and imported $10.1B from South Korea, resulting in a negative trade balance of $5.03B. Between November 2023 and November 2024 the exports of United States have decreased by $-393M (-7.13%) from $5.51B to $5.12B, while imports increased by $899M (9.72%) from $9.24B to $10.1B.

Trade In November 2024, the top exports of United States to South Korea were Crude Petroleum ($876M), Machines and apparatus of a kind... ($463M), Petroleum Gas ($397M), Cars ($330M), and Integrated Circuits ($159M). In November 2024 the top imports of United States from South Korea were Cars ($2.08B), Motor vehicles; parts and accessories (8701... ($467M), Electric Batteries ($452M), Refined Petroleum ($264M), and Blank Audio Media ($223M).

Origins In November 2024 the exports of United States were mainly from Texas ($1.87B), California ($745M), Washington ($227M), Louisiana ($154M), and South Carolina ($133M), while imports destinations were mainly California ($2.68B), Georgia ($1.28B), Michigan ($1.08B), Pennsylvania ($699M), and Texas ($699M).

Growth In November 2024, the decrease in United States's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Nitrile Compounds ($-127M or -95.8%), Machines and apparatus of a kind... ($-101M or -17.9%), and Frozen Bovine Meat ($-93.3M or -54.3%). In November 2024, the increase in United States's year-by-year imports from South Korea was explained primarily by an increase in product imports in Cars ($521M or 33.4%), Electric Batteries ($216M or 91.7%), and Semiconductor Devices ($143M or 286%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (November 2023 - November 2024)$-393M(-7.13%)

IMPORT GROWTH (November 2023 - November 2024)$899M(9.72%)

MAIN EXPORTER (November 2024)Texas$1.87B

This section shows exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of United States over time.

To check South Korea and United States 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 2023, United States exported $61.3B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($12.1B), Machinery Having Individual Functions ($4.61B), and Petroleum Gas ($4.2B). During the last 5 years the exports of United States to South Korea have increased at an annualized rate of 1.13%, from $58B in 2018 to $61.3B in 2023.

In 2018, South Korea exported $118B to United States. The main products exported from South Korea to United States were Cars ($31.3B), Motor vehicles; parts and accessories (8701 to 8705) ($6.17B), and Refined Petroleum ($4.63B). During the last 5 years the exports of South Korea to United States have increased at an annualized rate of 9.55%, from $74.7B in 2023 to $118B in 2018.

Exports from United States () to South Korea () (2023)

Exports from South Korea () to United States () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United States
Top DestinationCanada$269B

South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from United States than South Korea included Canada ($269B), Mexico ($243B), and Germany ($94.8B).

In 2023, countries that imported more from South Korea than United States included China ($162B), Hungary ($8.05B), and Slovakia ($6.45B).

Difference in imports from South Korea () and United States () (2023)

Comparative Advantage United States - South Korea

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, United States had a large net trade with South Korea in the exports of Mineral Products ($17.6B), Machines ($13.2B), and Chemical Products ($7.13B).

During 2018, South Korea had a large net trade with United States in the exports of Machines ($40.8B), Transportation ($39B), and Chemical Products ($10.4B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential United States South Korea+$707MRefined Petroleum

Top Product Potential South Korea United States+$1.13BIntegrated Circuits

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of United States and South Korea. This means that a dot/product with the flag of United States indicates it has a comparative advantage over South Korea. Similarly, a dot/product with the flag of South Korea indicates it has a comparative advantage over United States.

Product Space of United States () and South Korea () (2023)

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