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2022
Exports $42.7MWorld Rnk 7 / 120
Flag Rnk 519 / 1204
2022
Destination $3.05M United States
2021 - 2022
FASTEST GROWING MARKET $3.05MBangladesh
2022
PRODUCT COMPLEXITY IN Knitting Machines1.1Rnk 135 / 1025
2022
Imports $25.6MWorld Rnk 21 / 191
Flag Rnk 794 / 1213
2022
Origin $141k China
2021 - 2022
FASTEST GROWING ORIGIN $141kSweden
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $42.7M in Knitting Machines, making it the 7th largest exporter of Knitting Machines in the world. At the same year, Knitting Machines was the 519th most exported product in South Korea. The main destination of Knitting Machines exports from South Korea are: United States ($7.4M), Indonesia ($4.45M), India ($4.29M), Vietnam ($3.8M), and Bangladesh ($3.42M).

The fastest growing export markets for Knitting Machines of South Korea between 2021 and 2022 were Bangladesh ($3.05M), Peru ($1.61M), and Indonesia ($1.2M).

Imports In 2022, South Korea imported $25.6M in Knitting Machines, becoming the 21st largest importer of Knitting Machines in the world. At the same year, Knitting Machines was the 794th most imported product in South Korea. South Korea imports Knitting Machines primarily from: China ($8.77M), Japan ($7.94M), Germany ($4.06M), United States ($1.88M), and Chinese Taipei ($993k).

The fastest growing import markets in Knitting Machines for South Korea between 2021 and 2022 were Sweden ($141k), Chinese Taipei ($131k), and Croatia ($120k).

COMPANIES In 2023, leading companies such as At Home Procurement (2), Samsung (1), and LG Electronics (1) were at the forefront of shipping Knitting Machines from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Knitting Machines exports accounted up to $1.3M and imports accounted up to $1.97M, resulting in a negative trade balance of $667k. Between October 2023 and October 2024 the exports of South Korea's   Knitting Machines have increased by $69k (5.59%) from $1.23M to $1.3M, while imports decreased by $-11k (-0.56%) from $1.98M to $1.97M.

Destinations In October 2024, Knitting Machines were exported mostly to Vietnam ($265k), United States ($246k), Peru ($187k), India ($162k), and Indonesia ($150k), and were imported mostly from China ($1.28M), Japan ($480k), Germany ($211k), Poland ($2k), and United Arab Emirates ($0).

Growth In October 2024, the increase in Knitting Machines's year-by-year exports was explained primarily by an increase in exports to Turkey ($87k or 52.4%), United States ($40k or 9.35%), and Italy ($24k or 29.3%). In October 2024, the decrease in Knitting Machines's year-by-year imports was explained primarily by a decrease in imports from Germany ($-245k or -25.3%), China ($-212k or -31.2%), and Indonesia ($-2k or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$69k(5.59%)
IMPORT GROWTH (October 2023 - October 2024)$-11k(-0.56%)
MAIN DESTINATION (October 2024)Vietnam$265k

This section shows Knitting 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 Knitting Machines over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$42.7M
IMPORTS (2022)$25.6M
NET TRADE (2022)$17.1M

In 2022, South Korea exported $42.7M in Knitting Machines. The main destinations of South Korea exports on Knitting Machines were United States ($7.4M), Indonesia ($4.45M), India ($4.29M), Vietnam ($3.8M), and Bangladesh ($3.42M).

In 2022, South Korea imported $25.6M in Knitting Machines, mainly from China ($8.77M), Japan ($7.94M), Germany ($4.06M), United States ($1.88M), and Chinese Taipei ($993k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Knitting Machines EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Bangladesh$3.05M (809%)
Peru$1.61M (218%)
Indonesia$1.2M (36.8%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Knitting Machines BY South Korea WERE (2021 - 2022):
Vietnam-$6.82M (-64.2%)
Guatemala-$6.56M (-76.5%)
India-$4.95M (-53.6%)
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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 Knitting Machines were:
China $1.28B
Japan $411M
Germany $358M
In 2022, South Korea's main importing competitors in Knitting Machines were:
India $442M
Turkey $348M
Bangladesh $239M

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Trade Value of Knitting Machines by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALIndia+ $1.95M
TOP IMPORT POTENTIALChina+ $4.44M

Knitting Machines’s highest export potential is India. With an export gap of $1.95M.   Knitting Machines’s highest import potential is China with an import gap of $4.44M.

See methodology.

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