Tools & cutlery in South Korea | The Observatory of Economic Complexity

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Exports In 2022, South Korea exported $2.05B in Tools & cutlery, making it the 6th largest exporter of Tools & cutlery in the world. At the same year, Tools & cutlery was the 26th most exported product in South Korea. The main destination of Tools & cutlery exports from South Korea are: United States ($367M), China ($195M), Mexico ($194M), Japan ($161M), and India ($158M).

The fastest growing export markets for Tools & cutlery of South Korea between 2021 and 2022 were Mexico ($74.6M), Hungary ($15.8M), and India ($10.5M).

Imports In 2022, South Korea imported $1.17B in Tools & cutlery, becoming the 17th largest importer of Tools & cutlery in the world. At the same year, Tools & cutlery was the 54th most imported product in South Korea. South Korea imports Tools & cutlery primarily from: China ($563M), Japan ($199M), Germany ($89.7M), United States ($52.5M), and Chinese Taipei ($45.2M).

The fastest growing import markets in Tools & cutlery for South Korea between 2021 and 2022 were China ($41.8M), Netherlands ($5.61M), and Vietnam ($5.59M).

COMPANIES In 2023, leading companies such as LG ELECTRONICS U.S.A. INC. (23.9k), SAMSUNG ELECTRONICS AMERICA (1.08k), and SIGMA CORPORATION (988) were at the forefront of shipping Tools & cutlery from South Korea to the United States.

Latest Trends

February 2024

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Overview In February 2024 South Korea's Tools & cutlery exports accounted up to $169M and imports accounted up to $67.7M, resulting in a positive trade balance of $102M. Between February 2023 and February 2024 the exports of South Korea's Tools & cutlery have decreased by $-13.1M (-7.19%) from $182M to $169M, while imports decreased by $-5.06M (-6.95%) from $72.8M to $67.7M.

Destinations In February 2024, Tools & cutlery were exported mostly to United States ($51.4M), Mexico ($19.3M), China ($12.4M), India ($12.4M), and Vietnam ($11.5M), and were imported mostly from China ($26M), Japan ($13.8M), Germany ($6.96M), United States ($3.94M), and Vietnam ($2.78M).

Growth In February 2024, the decrease in Tools & cutlery's year-by-year exports was explained primarily by a decrease in exports to Indonesia ($-13.4M or -91.9%), Argentina ($-5.95M or -98.2%), and Uzbekistan ($-5.85M or -98%). In February 2024, the decrease in Tools & cutlery's year-by-year imports was explained primarily by a decrease in imports from China ($-3.23M or -7.18%), Japan ($-1.67M or -9.98%), and Chinese Taipei ($-1.31M or -28%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$-13.1M(-7.19%)

IMPORT GROWTH (February 2023 - February 2024)$-5.06M(-6.95%)

MAIN DESTINATION (February 2024)United States$51.4M

This section shows Tools & cutlery'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 Tools & cutlery over time.

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