Spices in South Korea | The Observatory of Economic Complexity

About

Exports In 2022, South Korea exported $14.5M in Spices, making it the 34th largest exporter of Spices in the world. At the same year, Spices was the 684th most exported product in South Korea. The main destination of Spices exports from South Korea are: Japan ($10.7M), China ($1.3M), Germany ($900k), Israel ($490k), and Vietnam ($212k).

The fastest growing export markets for Spices of South Korea between 2021 and 2022 were Japan ($6.41M), Germany ($360k), and Israel ($179k).

Imports In 2022, South Korea imported $14.1M in Spices, becoming the 41st largest importer of Spices in the world. At the same year, Spices was the 885th most imported product in South Korea. South Korea imports Spices primarily from: Peru ($3.64M), India ($3.13M), China ($2.66M), Turkey ($1.02M), and Thailand ($783k).

The fastest growing import markets in Spices for South Korea between 2021 and 2022 were Peru ($2.15M), Thailand ($220k), and Vietnam ($152k).

COMPANIES In 2023, leading companies such as LG Electronics (59), Wismettac Asian Foods (16), and Samsung (14) were at the forefront of shipping Spices from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Spices exports accounted up to $34k and imports accounted up to $1.08M, resulting in a negative trade balance of $1.05M. Between July 2023 and July 2024 the exports of South Korea's Spices have decreased by $-3k (-8.11%) from $37k to $34k, while imports decreased by $-159k (-12.8%) from $1.24M to $1.08M.

Destinations In July 2024, Spices were exported mostly to United States ($17k), Russia ($9k), China ($7k), Australia ($1k), and Algeria ($0), and were imported mostly from Vietnam ($396k), India ($219k), Turkey ($150k), Peru ($131k), and China ($37k).

Growth In July 2024, the decrease in Spices's year-by-year exports was explained primarily by a decrease in exports to China ($-64k or -100%), Vietnam ($-45k or -100%), and United States ($-11k or -91.7%). In July 2024, the decrease in Spices's year-by-year imports was explained primarily by a decrease in imports from Peru ($-173k or -45.5%), India ($-121k or -64.4%), and Turkey ($-60k or -53.6%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (July 2023 - July 2024)$-3k(-8.11%)

IMPORT GROWTH (July 2023 - July 2024)$-159k(-12.8%)

MAIN DESTINATION (July 2024)United States$17k

This section shows Spices'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 Spices over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$14.5M

IMPORTS (2022)$14.1M

NET TRADE (2022)$442k

In 2022, South Korea exported $14.5M in Spices. The main destinations of South Korea exports on Spices were Japan ($10.7M), China ($1.3M), Germany ($900k), Israel ($490k), and Vietnam ($212k).

In 2022, South Korea imported $14.1M in Spices, mainly from Peru ($3.64M), India ($3.13M), China ($2.66M), Turkey ($1.02M), and Thailand ($783k).

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