Iron or steel articles in South Korea | The Observatory of Economic Complexity

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Exports In 2022, South Korea exported $11.8B in Iron or steel articles, making it the 5th largest exporter of Iron or steel articles in the world. At the same year, Iron or steel articles was the 10th most exported product in South Korea. The main destination of Iron or steel articles exports from South Korea are: United States ($3.64B), China ($1.2B), Japan ($999M), Russia ($672M), and Chinese Taipei ($624M).

The fastest growing export markets for Iron or steel articles of South Korea between 2021 and 2022 were United States ($1.21B), Canada ($161M), and Mexico ($151M).

Imports In 2022, South Korea imported $6.85B in Iron or steel articles, becoming the 12th largest importer of Iron or steel articles in the world. At the same year, Iron or steel articles was the 17th most imported product in South Korea. South Korea imports Iron or steel articles primarily from: China ($4.67B), Japan ($671M), United States ($318M), Germany ($227M), and Vietnam ($191M).

The fastest growing import markets in Iron or steel articles for South Korea between 2021 and 2022 were China ($592M), Chinese Taipei ($30.3M), and United Kingdom ($16.7M).

COMPANIES In 2023, leading companies such as LG ELECTRONICS U.S.A. INC. (31.3k), SAMSUNG ELECTRONICS AMERICA (20k), and CONTINENTAL MATERIALS INC. (2.2k) were at the forefront of shipping Iron or steel articles from South Korea to the United States.

Latest Trends

February 2024

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Overview In February 2024 South Korea's Iron or steel articles exports accounted up to $752M and imports accounted up to $529M, resulting in a positive trade balance of $223M. Between February 2023 and February 2024 the exports of South Korea's Iron or steel articles have decreased by $-209M (-21.7%) from $961M to $752M, while imports decreased by $-36.9M (-6.52%) from $566M to $529M.

Destinations In February 2024, Iron or steel articles were exported mostly to United States ($230M), China ($82.9M), Japan ($77.2M), Vietnam ($39.1M), and Chinese Taipei ($38.6M), and were imported mostly from China ($328M), Japan ($69.5M), United States ($34.3M), Germany ($19M), and Vietnam ($13.2M).

Growth In February 2024, the decrease in Iron or steel articles's year-by-year exports was explained primarily by a decrease in exports to Mexico ($-90.9M or -80.2%), China ($-32.3M or -31.1%), and United States ($-29.3M or -9.41%). In February 2024, the decrease in Iron or steel articles's year-by-year imports was explained primarily by a decrease in imports from Chinese Taipei ($-11.3M or -57.2%), Spain ($-1.47M or -27%), and India ($-786k or -22.3%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$-209M(-21.7%)

IMPORT GROWTH (February 2023 - February 2024)$-36.9M(-6.52%)

MAIN DESTINATION (February 2024)United States$230M

This section shows Iron or steel articles'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 Iron or steel articles over time.

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