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2022
Exports $11.8BWorld Rnk 5 / 226
Flag Rnk 10 / 96
2022
Destination $1.21B United States
2021 - 2022
FASTEST GROWING MARKET $1.21BUnited States
2022
PRODUCT COMPLEXITY IN Iron or steel articles1.68Rnk 27 / 1025
2022
Imports $6.85BWorld Rnk 12 / 225
Flag Rnk 17 / 96
2022
Origin $592M China
2021 - 2022
FASTEST GROWING ORIGIN $592MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

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 (255), Continental Materials (185), and Samsung (96) were at the forefront of shipping Iron or steel articles from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Iron or steel articles exports accounted up to $878M and imports accounted up to $686M, resulting in a positive trade balance of $192M. Between October 2023 and October 2024 the exports of South Korea's   Iron or steel articles have increased by $143M (19.4%) from $735M to $878M, while imports increased by $116M (20.4%) from $569M to $686M.

Destinations In October 2024, Iron or steel articles were exported mostly to United States ($258M), China ($97.9M), Chinese Taipei ($91.9M), Japan ($78.3M), and Vietnam ($50.8M), and were imported mostly from China ($446M), Japan ($67.3M), United States ($64.2M), Germany ($17.9M), and Vietnam ($14.6M).

Growth In October 2024, the increase in Iron or steel articles's year-by-year exports was explained primarily by an increase in exports to Canada ($22.4M or 95.3%), Qatar ($19.9M or 2.56k%), and Indonesia ($10.4M or 92.3%). In October 2024, the increase in Iron or steel articles's year-by-year imports was explained primarily by an increase in imports from China ($8.48M or 2.03%), Italy ($6.34M or 84.9%), and Netherlands ($2.06M or 51.5%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$143M(19.4%)
IMPORT GROWTH (October 2023 - October 2024)$116M(20.4%)
MAIN DESTINATION (October 2024)United States$258M

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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Historical Data

Trade Balance

Color
EXPORTS (2022)$11.8B
IMPORTS (2022)$6.85B
NET TRADE (2022)$4.93B

In 2022, South Korea exported $11.8B in Iron or steel articles. The main destinations of South Korea exports on Iron or steel articles were United States ($3.64B), China ($1.2B), Japan ($999M), Russia ($672M), and Chinese Taipei ($624M).

In 2022, South Korea imported $6.85B in Iron or steel articles, mainly from China ($4.67B), Japan ($671M), United States ($318M), Germany ($227M), and Vietnam ($191M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Iron or steel articles EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$1.21B (50%)
Canada$161M (76.8%)
Mexico$151M (40.1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Iron or steel articles BY South Korea WERE (2021 - 2022):
China-$141M (-10.5%)
Chinese Taipei-$129M (-17.1%)
Spain-$40.8M (-45.4%)
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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 Iron or steel articles were:
China $109B
Germany $33.5B
Italy $22.2B
In 2022, South Korea's main importing competitors in Iron or steel articles were:
United States $59.3B
Germany $32.6B
France $16.2B

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Trade Value of Iron or steel articles by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $185M
TOP IMPORT POTENTIALChina+ $502M

Iron or steel articles’s highest export potential is China. With an export gap of $185M.   Iron or steel articles’s highest import potential is China with an import gap of $502M.

See methodology.

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