2021
Flag  
GDP
$23.3TCURRENT US$
Rnk 1 / 204
2011-2021
Flag
GDP GROWTH
49.5%CURRENT US$
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2021
Flag
 GDP
$1.81TCURRENT US$
Rnk 11 / 204
2011-2021
Flag
GDP GROWTH
44.5%CURRENT US$
Rnk 72 / 204
2021
Flag
GDP PC 
$70,219CURRENT US$
Rnk 10 / 204
2011-2021
Flag
GDP PC GROWTH
40.3%CURRENT US$
Rnk 47 / 204
2021
Flag
GDP PC
$34,998CURRENT US$
Rnk 38 / 204
2011-2021
Flag
GDP PC GROWTH
39.5%CURRENT US$
Rnk 51 / 204

About

United States-South Korea In 2021, United States exported $66.4B to South Korea. The main products that United States exported to South Korea are 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.

South Korea-United States In 2021, South Korea exported $95.9B to United States. The main products that South Korea exported 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 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 2021,  United States ranked 10 in the Economic Complexity Index (ECI 1.46), and 2 in total exports ($1.63T). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.82), and 5 in total exports ($653B).

Historical Data

Bilateral Trade by Products

Depth
Value

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.

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.

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

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

Market Competitiveness

Color
United States
Top Destination
Canada$259B
South Korea
Top Destination
China$158B

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

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

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

Comparative Advantage United States - South Korea

Flow
Scale

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

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).

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).

Service Trade

Bilateral Service Trade

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.

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

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

Economic Complexity

Competitive Landscape

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.

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

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