Flag United States / South Korea Flag

2020
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Exports
: $53.4B, Rnk 6 / 218

2020
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Top Product
: $4.88B, Crude Petroleum

2020
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Exports
: $75B, Rnk 2 / 218

2020
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Top Product
: $16.1B, Cars

2020
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Economic Complexity (ECI)
: ECI 1.56, Rnk 9 / 127

2020
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Economic Complexity (ECI)
: ECI 1.88, Rnk 5 / 127

2020
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GDP
: $21T, CURRENT US$
Rnk 1 / 195

2010-2020
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GDP GROWTH
: 39.8%, CURRENT US$
Rnk 78 / 195

2020
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 GDP
: $1.64T, CURRENT US$
Rnk 10 / 195

2010-2020
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GDP GROWTH
: 43.2%, CURRENT US$
Rnk 69 / 195

2020
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GDP PC 
: $63,593, CURRENT US$
Rnk 8 / 195

2010-2020
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GDP PC GROWTH
: 31.2%, CURRENT US$
Rnk 57 / 195

2020
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GDP PC
: $31,631, CURRENT US$
Rnk 32 / 195

2010-2020
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GDP PC GROWTH
: 37%, CURRENT US$
Rnk 45 / 195

United States-South Korea In 2020, United States exported $53.4B to South Korea. The main products that United States exported to South Korea are 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.

South Korea-United States In 2020, South Korea exported $75B to United States. The main products that South Korea exported 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 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 2020,  United States ranked 9 in the Economic Complexity Index (ECI 1.56), and 2 in total exports ($1.34T). That same year, South Korea ranked 5 in the Economic Complexity Index (ECI 1.88), and 5 in total exports ($531B).

Historical Data

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Bilateral Trade by Products

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Depth
Value

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.

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.

Market Competitiveness

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Measure

United States
Top Destination
: Canada, $218B

South Korea
Top Destination
: China, $131B

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

In 2019, countries that imported more from South Korea than United States were Vietnam ($48B), China ($131B), and Hong Kong ($30.9B).

Comparative Advantage United States - South Korea

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Flow

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

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).

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).

Bilateral Service Trade

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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.

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.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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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 United States has comparative advantage over South Korea. Similarly, the more yellow a dot/product is, the more South Korea has comparative advantage over United States.