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2022
Exports $238MWorld Rnk 7 / 91
Flag Rnk 247 / 1204
2022
Destination $10.1M Chinese Taipei
2021 - 2022
FASTEST GROWING MARKET $10.1MMalaysia
2022
PRODUCT COMPLEXITY IN Steel Bars0.58Rnk 331 / 1025
2022
Imports $297MWorld Rnk 5 / 169
Flag Rnk 275 / 1213
2022
Origin $25.2M China
2021 - 2022
FASTEST GROWING ORIGIN $25.2MJapan
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $238M in Steel Bars, making it the 7th largest exporter of Steel Bars in the world. At the same year, Steel Bars was the 247th most exported product in South Korea. The main destination of Steel Bars exports from South Korea are: Chinese Taipei ($51.6M), China ($46.8M), Malaysia ($33.2M), Turkey ($31.9M), and Japan ($14.5M).

The fastest growing export markets for Steel Bars of South Korea between 2021 and 2022 were Malaysia ($10.1M), Turkey ($9.7M), and United States ($6.75M).

Imports In 2022, South Korea imported $297M in Steel Bars, becoming the 5th largest importer of Steel Bars in the world. At the same year, Steel Bars was the 275th most imported product in South Korea. South Korea imports Steel Bars primarily from: China ($166M), Japan ($66.6M), Vietnam ($22.6M), Malaysia ($17M), and Chinese Taipei ($8.93M).

The fastest growing import markets in Steel Bars for South Korea between 2021 and 2022 were Japan ($25.2M), Vietnam ($12.4M), and Chinese Taipei ($5.2M).

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Steel Bars exports accounted up to $18.9M and imports accounted up to $19.7M, resulting in a negative trade balance of $792k. Between July 2023 and July 2024 the exports of South Korea's   Steel Bars have increased by $2.47M (15%) from $16.4M to $18.9M, while imports decreased by $-405k (-2.02%) from $20.1M to $19.7M.

Destinations In July 2024, Steel Bars were exported mostly to Chinese Taipei ($5.59M), China ($3.73M), Malaysia ($1.93M), Turkey ($1.61M), and Japan ($1.43M), and were imported mostly from China ($16.1M), Japan ($3.11M), Chinese Taipei ($367k), United States ($91k), and Germany ($47k).

Growth In July 2024, the increase in Steel Bars's year-by-year exports was explained primarily by an increase in exports to Turkey ($2.58M or 106%), Malaysia ($1.53M or 83.5%), and Thailand ($1.32M or 145%). In July 2024, the decrease in Steel Bars's year-by-year imports was explained primarily by a decrease in imports from Malaysia ($-4.67M or -100%), Vietnam ($-2.5M or -100%), and Indonesia ($-1.44M or -100%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$2.47M(15%)
IMPORT GROWTH (July 2023 - July 2024)$-405k(-2.02%)
MAIN DESTINATION (July 2024)Chinese Taipei$5.59M

This section shows Steel Bars'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 Steel Bars over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$238M
IMPORTS (2022)$297M
NET TRADE (2022)-$58.8M

In 2022, South Korea exported $238M in Steel Bars. The main destinations of South Korea exports on Steel Bars were Chinese Taipei ($51.6M), China ($46.8M), Malaysia ($33.2M), Turkey ($31.9M), and Japan ($14.5M).

In 2022, South Korea imported $297M in Steel Bars, mainly from China ($166M), Japan ($66.6M), Vietnam ($22.6M), Malaysia ($17M), and Chinese Taipei ($8.93M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Steel Bars EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Malaysia$10.1M (43.7%)
Turkey$9.7M (43.6%)
United States$6.75M (108%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Steel Bars BY South Korea WERE (2021 - 2022):
Chinese Taipei-$29.1M (-36%)
China-$16M (-25.5%)
Japan-$9.83M (-40.3%)
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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 Steel Bars were:
China $915M
Japan $657M
Germany $601M
In 2022, South Korea's main importing competitors in Steel Bars were:
United States $602M
Germany $427M
Thailand $392M

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Trade Value of Steel Bars by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $6.16M
TOP IMPORT POTENTIALIndia+ $2.74M

Steel Bars’s highest export potential is United States. With an export gap of $6.16M.   Steel Bars’s highest import potential is India with an import gap of $2.74M.

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