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2022
Exports $16.5kWorld Rnk 132 / 149
Flag Rnk 1164 / 1204
2022
Destination $7.29k United Arab Emirates
2021 - 2022
FASTEST GROWING MARKET $7.29kUnited Arab Emirates
2022
PRODUCT COMPLEXITY IN Palm Oil-2.31Rnk 1012 / 1025
2022
Imports $695MWorld Rnk 20 / 208
Flag Rnk 155 / 1213
2022
Origin $94.3M Indonesia
2021 - 2022
FASTEST GROWING ORIGIN $94.3MMalaysia
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $16.5k in Palm Oil, making it the 132nd largest exporter of Palm Oil in the world. At the same year, Palm Oil was the 1164th most exported product in South Korea. The main destination of Palm Oil exports from South Korea are: United Arab Emirates ($7.29k), Guam ($2.34k), Belgium ($2.03k), Vietnam ($1.98k), and Canada ($1.03k).

The fastest growing export markets for Palm Oil of South Korea between 2021 and 2022 were United Arab Emirates ($7.29k), Guam ($2.34k), and Belgium ($2.03k).

Imports In 2022, South Korea imported $695M in Palm Oil, becoming the 20th largest importer of Palm Oil in the world. At the same year, Palm Oil was the 155th most imported product in South Korea. South Korea imports Palm Oil primarily from: Indonesia ($356M), Malaysia ($335M), Singapore ($3.1M), United Kingdom ($388k), and Colombia ($266k).

The fastest growing import markets in Palm Oil for South Korea between 2021 and 2022 were Malaysia ($94.3M), Singapore ($2.94M), and United Kingdom ($241k).

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Palm Oil exports accounted up to $3k and imports accounted up to $31.7M, resulting in a negative trade balance of $31.7M. Between October 2023 and October 2024 the exports of South Korea's   Palm Oil have increased by $3k (N/A%) from $0 to $3k, while imports decreased by $-2.29M (-6.72%) from $34M to $31.7M.

Destinations In October 2024, Palm Oil were exported mostly to Malaysia ($3k), Senegal ($0), South Africa ($0), China ($0), and Indonesia ($0), and were imported mostly from Malaysia ($27.5M), Indonesia ($4.03M), Colombia ($81k), United Kingdom ($33k), and Sweden ($20k).

Growth In October 2024, the increase in Palm Oil's year-by-year exports was explained primarily by an increase in exports to . In October 2024, the decrease in Palm Oil's year-by-year imports was explained primarily by a decrease in imports from United Kingdom ($-32k or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$3k(N/A%)
IMPORT GROWTH (October 2023 - October 2024)$-2.29M(-6.72%)
MAIN DESTINATION (October 2024)Malaysia$3k

This section shows Palm Oil'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 Palm Oil over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$16.5k
IMPORTS (2022)$695M
NET TRADE (2022)-$695M

In 2022, South Korea exported $16.5k in Palm Oil. The main destinations of South Korea exports on Palm Oil were United Arab Emirates ($7.29k), Guam ($2.34k), Belgium ($2.03k), Vietnam ($1.98k), and Canada ($1.03k).

In 2022, South Korea imported $695M in Palm Oil, mainly from Indonesia ($356M), Malaysia ($335M), Singapore ($3.1M), United Kingdom ($388k), and Colombia ($266k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Palm Oil EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United Arab Emirates$7.29k (1%)
Guam$2.34k (1%)
Belgium$2.03k (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Palm Oil BY South Korea WERE (2021 - 2022):
Thailand-$646 (-100%)
China-$223 (-31.9%)
United States-$135 (-100%)
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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 Palm Oil were:
Indonesia $28.7B
Malaysia $17.7B
Thailand $1.31B
In 2022, South Korea's main importing competitors in Palm Oil were:
India $11.1B
China $4.85B
Pakistan $3.8B

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Trade Value of Palm Oil by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited Arab Emirates+ $6.13k
TOP IMPORT POTENTIALIndonesia+ $66.4M

Palm Oil’s highest export potential is United Arab Emirates. With an export gap of $6.13k.   Palm Oil’s highest import potential is Indonesia with an import gap of $66.4M.

See methodology.

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