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2022
Exports $2.53BWorld Rnk 6 / 221
Flag Rnk 49 / 1204
2022
Destination $106M United States
2021 - 2022
FASTEST GROWING MARKET $106MUnited States
2022
PRODUCT COMPLEXITY IN Excavation Machinery0.96Rnk 185 / 1025
2022
Imports $1.12BWorld Rnk 19 / 224
Flag Rnk 91 / 1213
2022
Origin $35.5M China
2021 - 2022
FASTEST GROWING ORIGIN $35.5MGermany
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $2.53B in Excavation Machinery, making it the 6th largest exporter of Excavation Machinery in the world. At the same year, Excavation Machinery was the 49th most exported product in South Korea. The main destination of Excavation Machinery exports from South Korea are: United States ($605M), Japan ($326M), China ($197M), India ($153M), and Belgium ($98.6M).

The fastest growing export markets for Excavation Machinery of South Korea between 2021 and 2022 were United States ($106M), Saudi Arabia ($24.4M), and Belgium ($22.3M).

Imports In 2022, South Korea imported $1.12B in Excavation Machinery, becoming the 19th largest importer of Excavation Machinery in the world. At the same year, Excavation Machinery was the 91st most imported product in South Korea. South Korea imports Excavation Machinery primarily from: China ($682M), Germany ($157M), Japan ($43M), United States ($36M), and Italy ($26.4M).

The fastest growing import markets in Excavation Machinery for South Korea between 2021 and 2022 were Germany ($35.5M), China ($26.6M), and Italy ($10.1M).

COMPANIES In 2023, leading companies such as General Motors (14), John Deere (10), and Tesla (3) were at the forefront of shipping Excavation Machinery from South Korea to the United States.

Latest Trends

November 2024

About

Overview In November 2024 South Korea's Excavation Machinery exports accounted up to $162M and imports accounted up to $76.8M, resulting in a positive trade balance of $85.6M. Between November 2023 and November 2024 the exports of South Korea's   Excavation Machinery have decreased by $-31M (-16%) from $193M to $162M, while imports decreased by $-11M (-12.5%) from $87.8M to $76.8M.

Destinations In November 2024, Excavation Machinery were exported mostly to United States ($43.5M), Japan ($19.4M), China ($14.7M), India ($11.5M), and Belgium ($6.7M), and were imported mostly from China ($43.9M), Germany ($10.2M), United States ($4.93M), Austria ($2.47M), and Sweden ($2.37M).

Growth In November 2024, the decrease in Excavation Machinery's year-by-year exports was explained primarily by a decrease in exports to United States ($-9.82M or -20.4%), Brazil ($-5.84M or -57%), and China ($-5.05M or -28.8%). In November 2024, the decrease in Excavation Machinery's year-by-year imports was explained primarily by a decrease in imports from China ($-9.7M or -13.4%), Germany ($-3.87M or -24.8%), and United States ($-2.28M or -46.7%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)$-31M(-16%)
IMPORT GROWTH (November 2023 - November 2024)$-11M(-12.5%)
MAIN DESTINATION (November 2024)United States$43.5M

This section shows Excavation Machinery'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 Excavation Machinery over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$2.53B
IMPORTS (2022)$1.12B
NET TRADE (2022)$1.41B

In 2022, South Korea exported $2.53B in Excavation Machinery. The main destinations of South Korea exports on Excavation Machinery were United States ($605M), Japan ($326M), China ($197M), India ($153M), and Belgium ($98.6M).

In 2022, South Korea imported $1.12B in Excavation Machinery, mainly from China ($682M), Germany ($157M), Japan ($43M), United States ($36M), and Italy ($26.4M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Excavation Machinery EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$106M (21.2%)
Saudi Arabia$24.4M (124%)
Belgium$22.3M (29.1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Excavation Machinery BY South Korea WERE (2021 - 2022):
China-$92.7M (-32%)
India-$24M (-13.6%)
United Kingdom-$11.9M (-13.3%)
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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 Excavation Machinery were:
China $15.1B
United States $6.47B
Germany $5.45B
In 2022, South Korea's main importing competitors in Excavation Machinery were:
United States $11.6B
Germany $5.17B
Canada $3.26B

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Trade Value of Excavation Machinery by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $78.7M
TOP IMPORT POTENTIALChina+ $99.9M

Excavation Machinery’s highest export potential is China. With an export gap of $78.7M.   Excavation Machinery’s highest import potential is China with an import gap of $99.9M.

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