Machinery and appliances in South Korea 2019 Exports | Imports : $71.1B | $44.5B, World Rnk 8 / 225 Rnk 2 / 96 | World Rnk 13 / 225 Rnk 3 / 96
2018 - 2019 FASTEST GROWING MARKET | FASTEST GROWING ORIGIN: $966M | $448M, Kazakhstan | Vietnam
2019 ECONOMIC COMPLEXITY of South Korea: 1.9, Rnk 5 / 147
2019 PRODUCT COMPLEXITY IN Machinery and appliances: 1.95, Rnk 3 / 96
Exports In 2019, South Korea exported $71.1B in Machinery and appliances, making it the 8th largest exporter of Machinery and appliances in the world. At the same year, Machinery and appliances was the 2nd most exported product in South Korea. The main destination of Machinery and appliances exports from South Korea are: China ($18.3B), United States ($15.2B), Japan ($3.5B), Vietnam ($3.15B), and India ($2.18B).
The fastest growing export markets for Machinery and appliances of South Korea between 2018 and 2019 were Kazakhstan ($966M), Poland ($532M), and Hungary ($224M).
Imports In 2019, South Korea imported $44.5B in Machinery and appliances, becoming the 13th largest importer of Machinery and appliances in the world. At the same year, Machinery and appliances was the 3rd most imported product in South Korea. South Korea imports Machinery and appliances primarily from: China ($14.2B), Japan ($6.91B), United States ($4.99B), Germany ($3.54B), and Singapore ($1.48B).
The fastest growing import markets in Machinery and appliances for South Korea between 2018 and 2019 were Vietnam ($448M), Philippines ($382M), and Mexico ($160M).
Tariffs In 2018, the average tariff for South Korea in Machinery and appliances was 4.09%. The countries with the highest import tariffs for Machinery and appliances were Cameroon (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), Algeria (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), Egypt (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), Ghana (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), and Libya (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%).
June 2021
Overview In June 2021 South Korea's Machinery and appliances exports accounted up to $6.73B and imports accounted up to $5.86B, resulting in a positive trade balance of $868M. Between June 2020 and June 2021 the exports of South Korea's Machinery and appliances have increased by $771M (12.9%) from $5.96B to $6.73B, while imports increased by $654M (12.6%) from $5.21B to $5.86B.
Destinations In June 2021, Machinery and appliances were exported mostly to United States ($1.94B), China ($1.36B), Japan ($295M), Vietnam ($279M), and Hong Kong ($263M), and were imported mostly from China ($1.59B), Japan ($959M), United States ($840M), Netherlands ($522M), and Singapore ($336M).
Growth In June 2021, the increase in Machinery and appliances's year-by-year exports was explained primarily by an increase in exports to United States ($428M or 28.3%), Slovakia ($69.2M or 457%), and India ($61.9M or 96.6%). In June 2021, the increase in Machinery and appliances's year-by-year imports was explained primarily by an increase in imports from Japan ($156M or 19.5%), China ($129M or 8.85%), and Netherlands ($121M or 30.3%).
EXPORT GROWTH (June 2020 - June 2021): $771M, (12.9%)
IMPORT GROWTH (June 2020 - June 2021): $654M, (12.6%)
MAIN DESTINATION (June 2021): United States, $1.94B
This section shows Machinery and appliances'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 and appliances over time.
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EXPORTS (2019): $71.1B
IMPORTS (2019): $44.5B
NET TRADE (2019): $26.6B
In 2019, South Korea exported $71.1B in Machinery and appliances. The main destinations of South Korea exports on Machinery and appliances were China ($18.3B), United States ($15.2B), Japan ($3.5B), Vietnam ($3.15B), and India ($2.18B).
In 2019, South Korea imported $44.5B in Machinery and appliances, mainly from China ($14.2B), Japan ($6.91B), United States ($4.99B), Germany ($3.54B), and Singapore ($1.48B).
IN 2019, South Korea HAD A POSITIVE NET TRADE IN Machinery and appliances WITH:
IN 2019, South Korea HAD A NEGATIVE NET TRADE IN Machinery and appliances WITH:
THE FASTEST GROWING Machinery and appliances EXPORT MARKETS FOR South Korea WERE (2018 - 2019):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Machinery and appliances BY South Korea WERE (2018 - 2019):
In 2019, South Korea's main exporting competitors in Machinery and appliances were:
In 2019, South Korea's main importing competitors in Machinery and appliances were:
In 2018, the average tariff for South Korea in Machinery and appliances was 4.09%.
The countries with the highest tariffs for Machinery and appliances in South Korea were Cameroon (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), Algeria (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), Egypt (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), Ghana (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%), and Libya (Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries, 7.2%).