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2022
Exports $247kWorld Rnk 77 / 139
Flag Rnk 1077 / 1204
2022
Destination $9.56k China
2021 - 2022
FASTEST GROWING MARKET $9.56kPhilippines
2022
PRODUCT COMPLEXITY IN Soybeans-1.62Rnk 963 / 1025
2022
Imports $898MWorld Rnk 20 / 200
Flag Rnk 120 / 1213
2022
Origin $139M United States
2021 - 2022
FASTEST GROWING ORIGIN $139MUnited States
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $247k in Soybeans, making it the 77th largest exporter of Soybeans in the world. At the same year, Soybeans was the 1077th most exported product in South Korea. The main destination of Soybeans exports from South Korea are: China ($115k), United States ($33k), Sweden ($30.6k), Malaysia ($13.6k), and Germany ($11.1k).

The fastest growing export markets for Soybeans of South Korea between 2021 and 2022 were Philippines ($9.56k), Burma ($7.2k), and United Kingdom ($5.66k).

Imports In 2022, South Korea imported $898M in Soybeans, becoming the 20th largest importer of Soybeans in the world. At the same year, Soybeans was the 120th most imported product in South Korea. South Korea imports Soybeans primarily from: United States ($452M), Brazil ($308M), China ($90.3M), Canada ($35.4M), and Russia ($7.84M).

The fastest growing import markets in Soybeans for South Korea between 2021 and 2022 were United States ($139M), Brazil ($46.5M), and China ($43.7M).

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Soybeans exports accounted up to $5k and imports accounted up to $38.6M, resulting in a negative trade balance of $38.6M. Between July 2023 and July 2024 the exports of South Korea's   Soybeans have increased by $2k (66.7%) from $3k to $5k, while imports decreased by $-58.2M (-60.2%) from $96.8M to $38.6M.

Destinations In July 2024, Soybeans were exported mostly to Canada ($4k), Germany ($1k), Nigeria ($0), Togo ($0), and China ($0), and were imported mostly from United States ($19.7M), Brazil ($14.1M), China ($2.52M), Canada ($1.94M), and Russia ($232k).

Growth In July 2024, the increase in Soybeans's year-by-year exports was explained primarily by an increase in exports to . In July 2024, the decrease in Soybeans's year-by-year imports was explained primarily by a decrease in imports from Russia ($-3.22M or -87.2%), China ($-869k or -52.3%), and Brazil ($-597k or -97.7%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$2k(66.7%)
IMPORT GROWTH (July 2023 - July 2024)$-58.2M(-60.2%)
MAIN DESTINATION (July 2024)Canada$4k

This section shows Soybeans'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 Soybeans over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$247k
IMPORTS (2022)$898M
NET TRADE (2022)-$898M

In 2022, South Korea exported $247k in Soybeans. The main destinations of South Korea exports on Soybeans were China ($115k), United States ($33k), Sweden ($30.6k), Malaysia ($13.6k), and Germany ($11.1k).

In 2022, South Korea imported $898M in Soybeans, mainly from United States ($452M), Brazil ($308M), China ($90.3M), Canada ($35.4M), and Russia ($7.84M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Soybeans EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Philippines$9.56k (1.74k%)
Burma$7.2k (1%)
United Kingdom$5.66k (223%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybeans BY South Korea WERE (2021 - 2022):
Russia-$2.08M (-100%)
China-$108k (-48.5%)
Malaysia-$26.6k (-66.2%)
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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 Soybeans were:
Brazil $47.2B
United States $34.6B
Argentina $3.25B
In 2022, South Korea's main importing competitors in Soybeans were:
China $54.1B
Mexico $4.08B
Japan $2.47B

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Trade Value of Soybeans by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $414k
TOP IMPORT POTENTIALBrazil+ $88.9M

Soybeans’s highest export potential is China. With an export gap of $414k.   Soybeans’s highest import potential is Brazil with an import gap of $88.9M.

See methodology.

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