Machinery, mechanical appliances, & parts in South Korea | The Observatory of Economic Complexity

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Exports In 2022, South Korea exported $78B in Machinery, mechanical appliances, & parts, making it the 8th largest exporter of Machinery, mechanical appliances, & parts in the world. At the same year, Machinery, mechanical appliances, & parts was the 2nd most exported product in South Korea. The main destination of Machinery, mechanical appliances, & parts exports from South Korea are: United States ($21.7B), China ($13.4B), Japan ($3.31B), Vietnam ($3.05B), and Mexico ($3.01B).

The fastest growing export markets for Machinery, mechanical appliances, & parts of South Korea between 2021 and 2022 were Singapore ($668M), United States ($452M), and Chinese Taipei ($427M).

Imports In 2022, South Korea imported $63.7B in Machinery, mechanical appliances, & parts, becoming the 11th largest importer of Machinery, mechanical appliances, & parts in the world. At the same year, Machinery, mechanical appliances, & parts was the 3rd most imported product in South Korea. South Korea imports Machinery, mechanical appliances, & parts primarily from: China ($18.6B), Japan ($9.88B), United States ($9.47B), Netherlands ($6.01B), and Germany ($3.49B).

The fastest growing import markets in Machinery, mechanical appliances, & parts for South Korea between 2021 and 2022 were Netherlands ($4.91B), United States ($4.22B), and Japan ($3.12B).

COMPANIES In 2023, leading companies such as Samsung (14.1k), LG Electronics (12.3k), and Hankook Tires (1.65k) were at the forefront of shipping Machinery, mechanical appliances, & parts from South Korea to the United States.

Latest Trends

October 2024

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Overview In October 2024 South Korea's Machinery, mechanical appliances, & parts exports accounted up to $6.23B and imports accounted up to $5.43B, resulting in a positive trade balance of $800M. Between October 2023 and October 2024 the exports of South Korea's Machinery, mechanical appliances, & parts have increased by $147M (2.42%) from $6.08B to $6.23B, while imports increased by $752M (16.1%) from $4.67B to $5.43B.

Destinations In October 2024, Machinery, mechanical appliances, & parts were exported mostly to United States ($2.06B), China ($976M), Vietnam ($339M), Japan ($262M), and Mexico ($207M), and were imported mostly from China ($1.51B), Japan ($826M), United States ($728M), Vietnam ($426M), and Singapore ($312M).

Growth In October 2024, the increase in Machinery, mechanical appliances, & parts's year-by-year exports was explained primarily by an increase in exports to Hungary ($110M or 181%), Indonesia ($53.2M or 71.5%), and Democratic Republic of the Congo ($22.7M or 47.3k%). In October 2024, the increase in Machinery, mechanical appliances, & parts's year-by-year imports was explained primarily by an increase in imports from United States ($161M or 22.9%), Germany ($71.2M or 27.2%), and Vietnam ($41.8M or 11.6%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (October 2023 - October 2024)$147M(2.42%)

IMPORT GROWTH (October 2023 - October 2024)$752M(16.1%)

MAIN DESTINATION (October 2024)United States$2.06B

This section shows Machinery, mechanical appliances, & parts'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, mechanical appliances, & parts over time.

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