Flag United States / South Korea Flag

Exports Flag → Flag  (2018): $55.8B, Rnk 5 / 215

Top Product Flag → Flag (2018): $5.13B, Crude Petroleum

Exports Flag → Flag (2018): $73.1B, Rnk 2 / 210

Top Product Flag → Flag (2018): $14B, Cars

Economic Complexity of Flag (2018): ECI 1.57, Rnk 9 / 137

Economic Complexity of Flag (2018): ECI 1.85, Rnk 5 / 137

United States-South Korea: In 2018, United States exported $55.8B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($5.13B), Petroleum Gas ($3.73B), and Photo Lab Equipment ($3.25B). During the last 23 years the exports of United States to South Korea have increased at an annualized rate of 2.89%, from $29B in 1995 to $55.8B in 2018. In 2011, United States exported services to South Korea worth $13.3B, with Travel ($5.9B), Royalties and license fees ($4.53B), and Transportation ($2.23B) being the largest in terms of value.

South Korea-United States: In 2018, South Korea exported $73.1B to United States. The main products exported from South Korea to United States were Cars ($14B), Office Machine Parts ($6.14B), and Vehicle Parts ($4.84B). During the last 23 years the exports of South Korea to United States have increased at an annualized rate of 4.8%, from $24.9B in 1995 to $73.1B in 2018. 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 2018, United States ranked 9 in the Economic Complexity Index (ECI 1.57), and 3 in total exports ($1.44T). That same year, South Korea ranked 5 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($617B). N/A

Bilateral Trade by Products

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Depth
Value

In 2018, United States exported $55.8B to South Korea. The main products exported from United States to South Korea were Crude Petroleum ($5.13B), Petroleum Gas ($3.73B), and Photo Lab Equipment ($3.25B). During the last 23 years the exports of United States to South Korea have increased at an annualized rate of 2.89%, from $29B in 1995 to $55.8B in 2018.

In 2018, South Korea exported $73.1B to United States. The main products exported from South Korea to United States were Cars ($14B), Office Machine Parts ($6.14B), and Vehicle Parts ($4.84B). During the last 23 years the exports of South Korea to United States have increased at an annualized rate of 4.8%, from $24.9B in 1995 to $73.1B in 2018.

Market Competitiveness

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Measure

United States
Top Destination
: Mexico, $237B

South Korea
Top Destination
: China, $160B

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 2018, countries that imported more from United States than South Korea were Mexico ($237B), Canada ($190B), and Germany ($55.8B).

In 2018, countries that imported more from South Korea than United States were China ($160B), Vietnam ($48.6B), and Hong Kong ($44.5B).

Comparative Advantage United States - South Korea

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Depth

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

During 2018, United States had a large net trade with South Korea in the exports of Machines ($11.1B), Mineral Products ($10.7B), and Instruments ($7.09B).

During 2018, South Korea had a large net trade with United States in the exports of Machines ($29.6B), Transportation ($20.3B), and Metals ($5.36B).

Tariff Section

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This sections shows import tariffs for products traded between United States and South Korea (using the HS6 product classification and the last year reported).

In 2018, the products from United States that paid the highest import tariffs to enter South Korea were Tobacco, unmanufactured, not stemmed or stripped (52.5%) and Waterproof footwear (Wellingtons etc), metal toe cap (37.5%).

In 2018, the products from South Korea that paid the highest import tariffs to enter United States were Rice in the husk (paddy or rough) (513%) and Rice, husked (brown) (513%).

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*The tariffs present between United States and South Korea are:
136: Most Favoured Nation duty rate treatement
136: Most Favoured Nation duty rate treatement
249: Preferential tariff for Korea, Republic of
249: Preferential tariff for Korea, Republic of

Trade Forecasts

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This section shows a forecast for total trade between United States and South Korea. The forecast is based on a long short-term memory model or LSTM constructed using yearly trade data.

To create custom forecast, or modify the parameters of the forecasting model, visit our Forecast Section.

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Bilateral Service Trade

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Usa Year

In 2011, United States exported services to South Korea worth $13.3B, with Travel ($5.9B), Royalties and license fees ($4.53B), and Transportation ($2.23B) 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 red.  This mean that the more blue a dot/product is, the more United States has comparative advantage over South Korea. Similarly, the more red a dot/product is, the more South Korea has comparative advantage over United States.