Cars in South Korea | The Observatory of Economic Complexity

About

Exports In 2022, South Korea exported $52.1B in Cars, making it the 4th largest exporter of Cars in the world. At the same year, Cars was the 3rd most exported product in South Korea. The main destination of Cars exports from South Korea are: United States ($22.5B), Canada ($3.25B), Australia ($3.15B), United Kingdom ($2.25B), and Germany ($1.7B).

The fastest growing export markets for Cars of South Korea between 2021 and 2022 were United States ($4.91B), Australia ($794M), and Kazakhstan ($647M).

Imports In 2022, South Korea imported $14.6B in Cars, becoming the 12th largest importer of Cars in the world. At the same year, Cars was the 7th most imported product in South Korea. South Korea imports Cars primarily from: Germany ($7.24B), United States ($3.81B), United Kingdom ($642M), Austria ($562M), and Japan ($386M).

The fastest growing import markets in Cars for South Korea between 2021 and 2022 were Germany ($1.22B), United States ($548M), and United Kingdom ($199M).

COMPANIES In 2023, leading companies such as Samsung (1.62k), LG Electronics (167), and General Motors (52) were at the forefront of shipping Cars from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Cars exports accounted up to $6B and imports accounted up to $1.12B, resulting in a positive trade balance of $4.89B. Between October 2023 and October 2024 the exports of South Korea's Cars have increased by $296M (5.19%) from $5.71B to $6B, while imports increased by $32.6M (3.01%) from $1.08B to $1.12B.

Destinations In October 2024, Cars were exported mostly to United States ($2.99B), Canada ($463M), United Kingdom ($241M), Australia ($218M), and Kazakhstan ($159M), and were imported mostly from Germany ($568M), United States ($137M), China ($94M), Japan ($70.8M), and Italy ($51.8M).

Growth In October 2024, the increase in Cars's year-by-year exports was explained primarily by an increase in exports to United States ($440M or 27.7%), Australia ($99.6M or 46.9%), and Canada ($97.8M or 38.2%). In October 2024, the increase in Cars's year-by-year imports was explained primarily by an increase in imports from Germany ($166M or 40.6%), United States ($158M or 163%), and United Kingdom ($80.3M or 202%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (October 2023 - October 2024)$296M(5.19%)

IMPORT GROWTH (October 2023 - October 2024)$32.6M(3.01%)

MAIN DESTINATION (October 2024)United States$2.99B

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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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$52.1B

IMPORTS (2022)$14.6B

NET TRADE (2022)$37.5B

In 2022, South Korea exported $52.1B in Cars. The main destinations of South Korea exports on Cars were United States ($22.5B), Canada ($3.25B), Australia ($3.15B), United Kingdom ($2.25B), and Germany ($1.7B).

In 2022, South Korea imported $14.6B in Cars, mainly from Germany ($7.24B), United States ($3.81B), United Kingdom ($642M), Austria ($562M), and Japan ($386M).

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