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2022
Exports $56.7MWorld Rnk 56 / 198
Flag Rnk 83 / 96
2022
Destination $2.67M United States
2021 - 2022
FASTEST GROWING MARKET $2.67MUnited States
2022
PRODUCT COMPLEXITY IN Products of the milling industry0.65Rnk 295 / 1025
2022
Imports $327MWorld Rnk 23 / 223
Flag Rnk 76 / 96
2022
Origin $17.1M China
2021 - 2022
FASTEST GROWING ORIGIN $17.1MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $56.7M in Products of the milling industry, making it the 56th largest exporter of Products of the milling industry in the world. At the same year, Products of the milling industry was the 83rd most exported product in South Korea. The main destination of Products of the milling industry exports from South Korea are: United States ($10.3M), Hong Kong ($10.2M), Malaysia ($9.93M), Chinese Taipei ($5.74M), and Thailand ($3.53M).

The fastest growing export markets for Products of the milling industry of South Korea between 2021 and 2022 were United States ($2.67M), Hong Kong ($2.01M), and Chinese Taipei ($1.57M).

Imports In 2022, South Korea imported $327M in Products of the milling industry, becoming the 23rd largest importer of Products of the milling industry in the world. At the same year, Products of the milling industry was the 76th most imported product in South Korea. South Korea imports Products of the milling industry primarily from: China ($63.3M), Australia ($46.2M), Germany ($37.6M), Denmark ($20.9M), and Poland ($20.5M).

The fastest growing import markets in Products of the milling industry for South Korea between 2021 and 2022 were China ($17.1M), Australia ($16.9M), and Thailand ($11.5M).

COMPANIES In 2023, leading companies such as Wismettac Asian Foods (31) and Costco Wholesale (14) were at the forefront of shipping Products of the milling industry from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Products of the milling industry exports accounted up to $3.56M and imports accounted up to $24.4M, resulting in a negative trade balance of $20.8M. Between October 2023 and October 2024 the exports of South Korea's   Products of the milling industry have decreased by $-785k (-18.1%) from $4.34M to $3.56M, while imports decreased by $-9.07M (-27.1%) from $33.5M to $24.4M.

Destinations In October 2024, Products of the milling industry were exported mostly to Malaysia ($856k), United States ($855k), Hong Kong ($352k), Singapore ($297k), and Chinese Taipei ($239k), and were imported mostly from China ($4.35M), Denmark ($3.69M), Germany ($3.25M), Canada ($2M), and Poland ($1.82M).

Growth In October 2024, the decrease in Products of the milling industry's year-by-year exports was explained primarily by a decrease in exports to Malaysia ($-341k or -53%), Hong Kong ($-271k or -35%), and Thailand ($-172k or -100%). In October 2024, the decrease in Products of the milling industry's year-by-year imports was explained primarily by a decrease in imports from Vietnam ($-308k or -88.5%), Finland ($-219k or -72.8%), and Poland ($-206k or -9.91%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$-785k(-18.1%)
IMPORT GROWTH (October 2023 - October 2024)$-9.07M(-27.1%)
MAIN DESTINATION (October 2024)Malaysia$856k

This section shows Products of the milling industry'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 Products of the milling industry over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$56.7M
IMPORTS (2022)$327M
NET TRADE (2022)-$270M

In 2022, South Korea exported $56.7M in Products of the milling industry. The main destinations of South Korea exports on Products of the milling industry were United States ($10.3M), Hong Kong ($10.2M), Malaysia ($9.93M), Chinese Taipei ($5.74M), and Thailand ($3.53M).

In 2022, South Korea imported $327M in Products of the milling industry, mainly from China ($63.3M), Australia ($46.2M), Germany ($37.6M), Denmark ($20.9M), and Poland ($20.5M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Products of the milling industry EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$2.67M (35.1%)
Hong Kong$2.01M (24.4%)
Chinese Taipei$1.57M (37.6%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Products of the milling industry BY South Korea WERE (2021 - 2022):
Japan-$885k (-72.4%)
Malaysia-$877k (-8.12%)
Vietnam-$417k (-23%)
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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 Products of the milling industry were:
Germany $2.27B
Thailand $2.1B
Turkey $1.9B
In 2022, South Korea's main importing competitors in Products of the milling industry were:
United States $2.86B
China $2.65B
Netherlands $1.26B

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Trade Value of Products of the milling industry by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $1.8M
TOP IMPORT POTENTIALChina+ $8.62M

Products of the milling industry’s highest export potential is United States. With an export gap of $1.8M.   Products of the milling industry’s highest import potential is China with an import gap of $8.62M.

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