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2022
Exports $22.8MWorld Rnk 54 / 166
Flag Rnk 625 / 1204
2022
Destination $2.48M United States
2021 - 2022
FASTEST GROWING MARKET $2.48MChinese Taipei
2022
PRODUCT COMPLEXITY IN Concentrated Milk-0.77Rnk 774 / 1025
2022
Imports $90.9MWorld Rnk 49 / 224
Flag Rnk 529 / 1213
2022
Origin $13.9M United States
2021 - 2022
FASTEST GROWING ORIGIN $13.9MUnited States
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $22.8M in Concentrated Milk, making it the 54th largest exporter of Concentrated Milk in the world. At the same year, Concentrated Milk was the 625th most exported product in South Korea. The main destination of Concentrated Milk exports from South Korea are: United States ($6.93M), Chinese Taipei ($6.5M), Philippines ($3.67M), Canada ($1.47M), and Hong Kong ($1.12M).

The fastest growing export markets for Concentrated Milk of South Korea between 2021 and 2022 were Chinese Taipei ($2.48M), Philippines ($1.22M), and Canada ($247k).

Imports In 2022, South Korea imported $90.9M in Concentrated Milk, becoming the 49th largest importer of Concentrated Milk in the world. At the same year, Concentrated Milk was the 529th most imported product in South Korea. South Korea imports Concentrated Milk primarily from: United States ($27.1M), New Zealand ($23.3M), France ($15.1M), Australia ($9.72M), and Netherlands ($5.76M).

The fastest growing import markets in Concentrated Milk for South Korea between 2021 and 2022 were United States ($13.9M), New Zealand ($11.7M), and Australia ($2.62M).

COMPANIES In 2023, leading companies such as LG Electronics (4) were at the forefront of shipping Concentrated Milk from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Concentrated Milk exports accounted up to $2.6M and imports accounted up to $6.5M, resulting in a negative trade balance of $3.9M. Between July 2023 and July 2024 the exports of South Korea's   Concentrated Milk have increased by $272k (11.7%) from $2.33M to $2.6M, while imports increased by $1.97M (43.5%) from $4.53M to $6.5M.

Destinations In July 2024, Concentrated Milk were exported mostly to United States ($784k), Chinese Taipei ($594k), Philippines ($374k), China ($337k), and Canada ($174k), and were imported mostly from United States ($2.4M), New Zealand ($1.8M), France ($884k), Australia ($730k), and Austria ($421k).

Growth In July 2024, the increase in Concentrated Milk's year-by-year exports was explained primarily by an increase in exports to Chinese Taipei ($894k or 139%), Philippines ($200k or 94.3%), and Hong Kong ($32k or 53.3%). In July 2024, the increase in Concentrated Milk's year-by-year imports was explained primarily by an increase in imports from Netherlands ($1.03M or 1.14k%), Japan ($486k or 48.6k%), and New Zealand ($476k or 27.9%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$272k(11.7%)
IMPORT GROWTH (July 2023 - July 2024)$1.97M(43.5%)
MAIN DESTINATION (July 2024)United States$784k

This section shows Concentrated Milk'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 Concentrated Milk over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$22.8M
IMPORTS (2022)$90.9M
NET TRADE (2022)-$68.1M

In 2022, South Korea exported $22.8M in Concentrated Milk. The main destinations of South Korea exports on Concentrated Milk were United States ($6.93M), Chinese Taipei ($6.5M), Philippines ($3.67M), Canada ($1.47M), and Hong Kong ($1.12M).

In 2022, South Korea imported $90.9M in Concentrated Milk, mainly from United States ($27.1M), New Zealand ($23.3M), France ($15.1M), Australia ($9.72M), and Netherlands ($5.76M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Concentrated Milk EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Chinese Taipei$2.48M (61.9%)
Philippines$1.22M (49.9%)
Canada$247k (20.2%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Concentrated Milk BY South Korea WERE (2021 - 2022):
Thailand-$266k (-76.2%)
China-$239k (-21.1%)
United States-$82k (-1.17%)
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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 Concentrated Milk were:
New Zealand $6.99B
United States $3.25B
Netherlands $2.11B
In 2022, South Korea's main importing competitors in Concentrated Milk were:
China $3.96B
Algeria $1.62B
Mexico $1.37B

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Trade Value of Concentrated Milk by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $2.21M
TOP IMPORT POTENTIALNew Zealand+ $5.51M

Concentrated Milk’s highest export potential is China. With an export gap of $2.21M.   Concentrated Milk’s highest import potential is New Zealand with an import gap of $5.51M.

See methodology.

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