Machinery Having Individual Functions in South Korea | The Observatory of Economic Complexity

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Exports In 2023, South Korea exported $12.2B in Machinery Having Individual Functions, making it the 7th largest exporter of Machinery Having Individual Functions in the world. At the same year, Machinery Having Individual Functions was the 7th most exported product in South Korea. The main destination of Machinery Having Individual Functions exports from South Korea are: China ($4.59B), United States ($1.98B), Hungary ($844M), Japan ($741M), and Singapore ($696M).

The fastest growing export markets for Machinery Having Individual Functions of South Korea between 2022 and 2023 were United States ($385M), Malaysia ($96.9M), and Ireland ($86.4M).

Imports In 2023, South Korea imported $20.6B in Machinery Having Individual Functions, becoming the 3rd largest importer of Machinery Having Individual Functions in the world. At the same year, Machinery Having Individual Functions was the 4th most imported product in South Korea. South Korea imports Machinery Having Individual Functions primarily from: Netherlands ($6.08B), United States ($4.61B), Japan ($4.17B), Singapore ($3.2B), and China ($788M).

The fastest growing import markets in Machinery Having Individual Functions for South Korea between 2022 and 2023 were Singapore ($983M), Netherlands ($506M), and Austria ($91.6M).

COMPANIES In 2024, leading companies such as LG Electronics (247), Samsung (45), and ZF Friedrichshafen (7) were at the forefront of shipping Machinery Having Individual Functions from South Korea to the United States.

Latest Trends

December 2024

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Overview In December 2024 South Korea's Machinery Having Individual Functions exports accounted up to $625M and imports accounted up to $237M, resulting in a positive trade balance of $387M. Between December 2023 and December 2024 the exports of South Korea's Machinery Having Individual Functions have decreased by $-143M (-18.6%) from $767M to $625M, while imports increased by $62.4M (35.7%) from $175M to $237M.

Destinations In December 2024, Machinery Having Individual Functions were exported mostly to United States ($212M), China ($86.9M), Vietnam ($59M), Mexico ($52.6M), and India ($37.5M), and were imported mostly from China ($93.4M), Japan ($31.7M), Germany ($26.4M), Italy ($13M), and United States ($12.7M).

Growth In December 2024, the decrease in Machinery Having Individual Functions's year-by-year exports was explained primarily by a decrease in exports to Hungary ($-61.6M or -66.1%), Russia ($-6.44M or -65.2%), and Indonesia ($-3.51M or -44.1%). In December 2024, the increase in Machinery Having Individual Functions's year-by-year imports was explained primarily by an increase in imports from China ($14M or 53.8%), Netherlands ($3.53M or 631%), and France ($3.24M or 281%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (December 2023 - December 2024)$-143M(-18.6%)

IMPORT GROWTH (December 2023 - December 2024)$62.4M(35.7%)

MAIN DESTINATION (December 2024)United States$212M

This section shows Machinery Having Individual Functions'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 Machinery Having Individual Functions over time.

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