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2022
Exports $388MWorld Rnk 8 / 157
Flag Rnk 184 / 1204
2022
Destination $26M China
2021 - 2022
FASTEST GROWING MARKET $26MUnited States
2022
PRODUCT COMPLEXITY IN Silicone1.72Rnk 20 / 1025
2022
Imports $600MWorld Rnk 3 / 215
Flag Rnk 165 / 1213
2022
Origin $16.8M China
2021 - 2022
FASTEST GROWING ORIGIN $16.8MUnited Kingdom
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $388M in Silicone, making it the 8th largest exporter of Silicone in the world. At the same year, Silicone was the 184th most exported product in South Korea. The main destination of Silicone exports from South Korea are: China ($89.2M), Vietnam ($67.2M), United States ($42.2M), Japan ($21.6M), and India ($18.2M).

The fastest growing export markets for Silicone of South Korea between 2021 and 2022 were United States ($26M), India ($6.22M), and Philippines ($5.3M).

Imports In 2022, South Korea imported $600M in Silicone, becoming the 3rd largest importer of Silicone in the world. At the same year, Silicone was the 165th most imported product in South Korea. South Korea imports Silicone primarily from: China ($303M), Japan ($85.2M), United States ($68.7M), Germany ($64M), and Thailand ($31.6M).

The fastest growing import markets in Silicone for South Korea between 2021 and 2022 were United Kingdom ($16.8M), Germany ($11.5M), and Netherlands ($4.81M).

COMPANIES In 2023, leading companies such as Elkem Silicones (1) were at the forefront of shipping Silicone from South Korea to the United States.

Latest Trends

September 2024

About

Overview In September 2024 South Korea's Silicone exports accounted up to $24.2M and imports accounted up to $39M, resulting in a negative trade balance of $14.8M. Between September 2023 and September 2024 the exports of South Korea's   Silicone have decreased by $-471k (-1.91%) from $24.6M to $24.2M, while imports decreased by $-3.21M (-7.6%) from $42.2M to $39M.

Destinations In September 2024, Silicone were exported mostly to China ($5.45M), Vietnam ($5.07M), United States ($1.99M), Japan ($1.09M), and India ($1.05M), and were imported mostly from China ($19.1M), Japan ($10.2M), Germany ($3.98M), United States ($3.88M), and Thailand ($854k).

Growth In September 2024, the decrease in Silicone's year-by-year exports was explained primarily by a decrease in exports to China ($-2.86M or -35.2%), Vietnam ($-2.22M or -31.2%), and Indonesia ($-1.41M or -70.6%). In September 2024, the decrease in Silicone's year-by-year imports was explained primarily by a decrease in imports from China ($-14.1M or -43.3%), Japan ($-4.52M or -46.6%), and Thailand ($-1.55M or -56.1%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (September 2023 - September 2024)$-471k(-1.91%)
IMPORT GROWTH (September 2023 - September 2024)$-3.21M(-7.6%)
MAIN DESTINATION (September 2024)China$5.45M

This section shows Silicone'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 Silicone over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$388M
IMPORTS (2022)$600M
NET TRADE (2022)-$212M

In 2022, South Korea exported $388M in Silicone. The main destinations of South Korea exports on Silicone were China ($89.2M), Vietnam ($67.2M), United States ($42.2M), Japan ($21.6M), and India ($18.2M).

In 2022, South Korea imported $600M in Silicone, mainly from China ($303M), Japan ($85.2M), United States ($68.7M), Germany ($64M), and Thailand ($31.6M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Silicone EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$26M (161%)
India$6.22M (52%)
Philippines$5.3M (113%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Silicone BY South Korea WERE (2021 - 2022):
China-$8.45M (-8.66%)
Hong Kong-$8.23M (-46.3%)
Singapore-$5M (-42.2%)
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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 Silicone were:
China $2.2B
Germany $2.07B
United States $1.55B
In 2022, South Korea's main importing competitors in Silicone were:
United States $1.2B
China $1B

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Trade Value of Silicone by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $23.5M
TOP IMPORT POTENTIALGermany+ $5.96M

Silicone’s highest export potential is China. With an export gap of $23.5M.   Silicone’s highest import potential is Germany with an import gap of $5.96M.

See methodology.

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