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2022
Exports $82.3MWorld Rnk 9 / 156
Flag Rnk 402 / 1204
2022
Destination $3.58M United States
2021 - 2022
FASTEST GROWING MARKET $3.58MUnited States
2022
PRODUCT COMPLEXITY IN Drilling Machines1.13Rnk 123 / 1025
2022
Imports $52.8MWorld Rnk 15 / 210
Flag Rnk 655 / 1213
2022
Origin $6.05M China
2021 - 2022
FASTEST GROWING ORIGIN $6.05MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $82.3M in Drilling Machines, making it the 9th largest exporter of Drilling Machines in the world. At the same year, Drilling Machines was the 402nd most exported product in South Korea. The main destination of Drilling Machines exports from South Korea are: United States ($11.7M), China ($11.2M), United Kingdom ($6.63M), Vietnam ($6.45M), and India ($5.81M).

The fastest growing export markets for Drilling Machines of South Korea between 2021 and 2022 were United States ($3.58M), India ($2.49M), and Italy ($1.78M).

Imports In 2022, South Korea imported $52.8M in Drilling Machines, becoming the 15th largest importer of Drilling Machines in the world. At the same year, Drilling Machines was the 655th most imported product in South Korea. South Korea imports Drilling Machines primarily from: China ($20.4M), Japan ($13.9M), Italy ($6.25M), Czechia ($3.26M), and Germany ($3.07M).

The fastest growing import markets in Drilling Machines for South Korea between 2021 and 2022 were China ($6.05M), Italy ($3.64M), and Japan ($1.52M).

COMPANIES In 2023, leading companies such as Volvo (20), General Motors (3), and Hankook Tires (1) were at the forefront of shipping Drilling Machines from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Drilling Machines exports accounted up to $8.51M and imports accounted up to $2.12M, resulting in a positive trade balance of $6.38M. Between July 2023 and July 2024 the exports of South Korea's   Drilling Machines have increased by $3.12M (57.9%) from $5.39M to $8.51M, while imports decreased by $-991k (-31.8%) from $3.11M to $2.12M.

Destinations In July 2024, Drilling Machines were exported mostly to United States ($2.34M), China ($874k), Kazakhstan ($838k), Japan ($823k), and Mexico ($794k), and were imported mostly from Switzerland ($794k), China ($741k), Germany ($198k), Chinese Taipei ($162k), and Japan ($101k).

Growth In July 2024, the increase in Drilling Machines's year-by-year exports was explained primarily by an increase in exports to India ($1.1M or 869%), Vietnam ($605k or 445%), and Italy ($355k or 149%). In July 2024, the decrease in Drilling Machines's year-by-year imports was explained primarily by a decrease in imports from China ($-907k or -63%) and United States ($-1k or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$3.12M(57.9%)
IMPORT GROWTH (July 2023 - July 2024)$-991k(-31.8%)
MAIN DESTINATION (July 2024)United States$2.34M

This section shows Drilling Machines'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 Drilling Machines over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$82.3M
IMPORTS (2022)$52.8M
NET TRADE (2022)$29.5M

In 2022, South Korea exported $82.3M in Drilling Machines. The main destinations of South Korea exports on Drilling Machines were United States ($11.7M), China ($11.2M), United Kingdom ($6.63M), Vietnam ($6.45M), and India ($5.81M).

In 2022, South Korea imported $52.8M in Drilling Machines, mainly from China ($20.4M), Japan ($13.9M), Italy ($6.25M), Czechia ($3.26M), and Germany ($3.07M).

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Export Destinations (NaN)

Import Origins (NaN)

Market Growth

Flow
THE FASTEST GROWING Drilling Machines EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$3.58M (44.1%)
India$2.49M (74.7%)
Italy$1.78M (104%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Drilling Machines BY South Korea WERE (2021 - 2022):
China-$17.3M (-60.7%)
Saudi Arabia-$3.6M (-77.7%)
Brazil-$3.58M (-85.6%)
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Change in Exports by Market (undefined - undefined)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Drilling Machines were:
Germany $530M
China $481M
Italy $319M
In 2022, South Korea's main importing competitors in Drilling Machines were:
China $323M
United States $317M
Germany $221M

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Trade Value of Drilling Machines by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $5.27M
TOP IMPORT POTENTIALChina+ $3.56M

Drilling Machines’s highest export potential is China. With an export gap of $5.27M.   Drilling Machines’s highest import potential is China with an import gap of $3.56M.

See methodology.

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