Cars in South Korea 2020 Exports | Imports : $36.9B | $11.8B, World Rnk 5 / 210 Rnk 2 / 1207 | World Rnk 12 / 224 Rnk 5 / 1211
2019 - 2020 FASTEST GROWING MARKET | FASTEST GROWING ORIGIN: $289M | $1.04B, Saudi Arabia | Germany
2020 ECONOMIC COMPLEXITY of South Korea: 1.88, Rnk 5 / 127
2020 PRODUCT COMPLEXITY IN Cars: 0.89, Rnk 214 / 1029
Exports In 2020, South Korea exported $36.9B in Cars, making it the 5th largest exporter of Cars in the world. At the same year, Cars was the 2nd most exported product in South Korea. The main destination of Cars exports from South Korea are: United States ($16.1B), Canada ($2.75B), Australia ($1.71B), Saudi Arabia ($1.7B), and Russia ($1.49B).
The fastest growing export markets for Cars of South Korea between 2019 and 2020 were Saudi Arabia ($289M), Pakistan ($206M), and Canada ($152M).
Imports In 2020, South Korea imported $11.8B in Cars, becoming the 12th largest importer of Cars in the world. At the same year, Cars was the 5th most imported product in South Korea. South Korea imports Cars primarily from: Germany ($6.28B), United States ($2.39B), Japan ($541M), United Kingdom ($468M), and Mexico ($344M).
The fastest growing import markets in Cars for South Korea between 2019 and 2020 were Germany ($1.04B), United States ($537M), and Mexico ($232M).
Tariffs In 2018, the average tariff for South Korea in Cars was 5.02%. The countries with the highest import tariffs for Cars were Botswana (Most Favoured Nation duty rate treatement, 8%), Cote d'Ivoire (Most Favoured Nation duty rate treatement, 8%), Cameroon (Most Favoured Nation duty rate treatement, 8%), Republic of the Congo (Most Favoured Nation duty rate treatement, 8%), and Cape Verde (Most Favoured Nation duty rate treatement, 8%).
Overview In January 2023 South Korea's Cars exports accounted up to $4.8B and imports accounted up to $1.3B, resulting in a positive trade balance of $3.5B. Between January 2022 and January 2023 the exports of South Korea's Cars have increased by $874M (22.3%) from $3.92B to $4.8B, while imports increased by $517M (66%) from $783M to $1.3B.
Destinations In January 2023, Cars were exported mostly to United States ($2.03B), Canada ($354M), Australia ($312M), United Kingdom ($187M), and Germany ($183M), and were imported mostly from Germany ($577M), United States ($255M), United Kingdom ($120M), Slovakia ($89M), and Austria ($70.3M).
Growth In January 2023, the increase in Cars's year-by-year exports was explained primarily by an increase in exports to United States ($43M or 2.78%), United Kingdom ($42.3M or 25%), and Israel ($40.1M or 83.3%). In January 2023, the increase in Cars's year-by-year imports was explained primarily by an increase in imports from Germany ($101M or 32.6%), Japan ($26.5M or 74.8%), and United Kingdom ($20.3M or 104%).
EXPORT GROWTH (January 2022 - January 2023): $874M, (22.3%)
IMPORT GROWTH (January 2022 - January 2023): $517M, (66%)
MAIN DESTINATION (January 2023): United States, $2.03B
This section shows Cars'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 Cars over time.
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EXPORTS (2020): $36.9B
IMPORTS (2020): $11.8B
NET TRADE (2020): $25.1B
In 2020, South Korea exported $36.9B in Cars. The main destinations of South Korea exports on Cars were United States ($16.1B), Canada ($2.75B), Australia ($1.71B), Saudi Arabia ($1.7B), and Russia ($1.49B).
In 2020, South Korea imported $11.8B in Cars, mainly from Germany ($6.28B), United States ($2.39B), Japan ($541M), United Kingdom ($468M), and Mexico ($344M).
THE FASTEST GROWING Cars EXPORT MARKETS FOR South Korea WERE (2019 - 2020):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Cars BY South Korea WERE (2019 - 2020):
In 2020, South Korea's main exporting competitors in Cars were:
In 2020, South Korea's main importing competitors in Cars were:
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