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2022
Exports $565MWorld Rnk 2 / 196
Flag Rnk 150 / 1204
2022
Destination $50.4M United States
2021 - 2022
FASTEST GROWING MARKET $50.4MUnited States
2022
PRODUCT COMPLEXITY IN Stranded Iron Wire0.15Rnk 505 / 1025
2022
Imports $303MWorld Rnk 5 / 222
Flag Rnk 271 / 1213
2022
Origin $33.3M China
2021 - 2022
FASTEST GROWING ORIGIN $33.3MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $565M in Stranded Iron Wire, making it the 2nd largest exporter of Stranded Iron Wire in the world. At the same year, Stranded Iron Wire was the 150th most exported product in South Korea. The main destination of Stranded Iron Wire exports from South Korea are: United States ($147M), China ($44M), Japan ($43.1M), Spain ($21.9M), and Netherlands ($20.2M).

The fastest growing export markets for Stranded Iron Wire of South Korea between 2021 and 2022 were United States ($50.4M), Poland ($5.86M), and Italy ($5.21M).

Imports In 2022, South Korea imported $303M in Stranded Iron Wire, becoming the 5th largest importer of Stranded Iron Wire in the world. At the same year, Stranded Iron Wire was the 271st most imported product in South Korea. South Korea imports Stranded Iron Wire primarily from: China ($237M), Vietnam ($45M), Malaysia ($5.86M), Switzerland ($3.9M), and United States ($3.01M).

The fastest growing import markets in Stranded Iron Wire for South Korea between 2021 and 2022 were China ($33.3M), Malaysia ($4.61M), and Germany ($324k).

COMPANIES In 2023, leading companies such as Nexen Tire (3) and Bridgestone Tires (2) were at the forefront of shipping Stranded Iron Wire from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Stranded Iron Wire exports accounted up to $35.4M and imports accounted up to $21M, resulting in a positive trade balance of $14.4M. Between July 2023 and July 2024 the exports of South Korea's   Stranded Iron Wire have decreased by $-1.23M (-3.37%) from $36.6M to $35.4M, while imports decreased by $-2.49M (-10.6%) from $23.5M to $21M.

Destinations In July 2024, Stranded Iron Wire were exported mostly to United States ($6.67M), China ($3.95M), Japan ($2.59M), Italy ($2.06M), and Belgium ($1.96M), and were imported mostly from China ($15.6M), Vietnam ($1.67M), Switzerland ($1.51M), Malaysia ($1.5M), and United States ($382k).

Growth In July 2024, the decrease in Stranded Iron Wire's year-by-year exports was explained primarily by a decrease in exports to Netherlands ($-2.63M or -75.2%), United States ($-2.21M or -19.1%), and China ($-1.37M or -50.7%). In July 2024, the decrease in Stranded Iron Wire's year-by-year imports was explained primarily by a decrease in imports from Italy ($-105k or -43.2%), Germany ($-82k or -20.9%), and Indonesia ($-36k or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$-1.23M(-3.37%)
IMPORT GROWTH (July 2023 - July 2024)$-2.49M(-10.6%)
MAIN DESTINATION (July 2024)United States$6.67M

This section shows Stranded Iron Wire's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Stranded Iron Wire over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$565M
IMPORTS (2022)$303M
NET TRADE (2022)$261M

In 2022, South Korea exported $565M in Stranded Iron Wire. The main destinations of South Korea exports on Stranded Iron Wire were United States ($147M), China ($44M), Japan ($43.1M), Spain ($21.9M), and Netherlands ($20.2M).

In 2022, South Korea imported $303M in Stranded Iron Wire, mainly from China ($237M), Vietnam ($45M), Malaysia ($5.86M), Switzerland ($3.9M), and United States ($3.01M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Stranded Iron Wire EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$50.4M (52.4%)
Poland$5.86M (42.4%)
Italy$5.21M (53%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Stranded Iron Wire BY South Korea WERE (2021 - 2022):
Thailand-$5.98M (-28.5%)
Chinese Taipei-$5.96M (-25.3%)
Belgium-$4.29M (-23.2%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Stranded Iron Wire were:
China $2.93B
Vietnam $546M
In 2022, South Korea's main importing competitors in Stranded Iron Wire were:
United States $1.52B
Germany $434M
India $322M

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Trade Value of Stranded Iron Wire by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $12.7M
TOP IMPORT POTENTIALVietnam+ $2.7M

Stranded Iron Wire’s highest export potential is China. With an export gap of $12.7M.   Stranded Iron Wire’s highest import potential is Vietnam with an import gap of $2.7M.

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