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2022
Exports $3.3BWorld Rnk 1 / 145
Flag Rnk 34 / 1204
2022
Destination $76.1M China
2021 - 2022
FASTEST GROWING MARKET $76.1MUnited States
2022
PRODUCT COMPLEXITY IN Synthetic Rubber0.49Rnk 369 / 1025
2022
Imports $453MWorld Rnk 20 / 209
Flag Rnk 207 / 1213
2022
Origin $26.6M China
2021 - 2022
FASTEST GROWING ORIGIN $26.6MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $3.3B in Synthetic Rubber, making it the 1st largest exporter of Synthetic Rubber in the world. At the same year, Synthetic Rubber was the 34th most exported product in South Korea. The main destination of Synthetic Rubber exports from South Korea are: China ($582M), Malaysia ($365M), United States ($308M), Indonesia ($295M), and India ($278M).

The fastest growing export markets for Synthetic Rubber of South Korea between 2021 and 2022 were United States ($76.1M), Italy ($21.9M), and Germany ($16.1M).

Imports In 2022, South Korea imported $453M in Synthetic Rubber, becoming the 20th largest importer of Synthetic Rubber in the world. At the same year, Synthetic Rubber was the 207th most imported product in South Korea. South Korea imports Synthetic Rubber primarily from: China ($113M), Japan ($90.8M), Singapore ($56.5M), United States ($50M), and Czechia ($35.9M).

The fastest growing import markets in Synthetic Rubber for South Korea between 2021 and 2022 were China ($26.6M), Canada ($9.34M), and Singapore ($6.47M).

COMPANIES In 2023, leading companies such as Hankook Tires (59), Sobel Westex (31), and General Motors (8) were at the forefront of shipping Synthetic Rubber from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Synthetic Rubber exports accounted up to $283M and imports accounted up to $33.1M, resulting in a positive trade balance of $250M. Between October 2023 and October 2024 the exports of South Korea's   Synthetic Rubber have increased by $65M (29.9%) from $218M to $283M, while imports increased by $4.29M (14.9%) from $28.8M to $33.1M.

Destinations In October 2024, Synthetic Rubber were exported mostly to China ($64.3M), Malaysia ($36.4M), Indonesia ($27.2M), India ($24.2M), and Vietnam ($24.1M), and were imported mostly from China ($7.18M), Japan ($6.27M), Singapore ($5.1M), Czechia ($4.26M), and United States ($2.95M).

Growth In October 2024, the increase in Synthetic Rubber's year-by-year exports was explained primarily by an increase in exports to United States ($6.81M or 41%), Poland ($2.3M or 126%), and Canada ($1.04M or 23%). In October 2024, the increase in Synthetic Rubber's year-by-year imports was explained primarily by an increase in imports from China ($2.93M or 51.9%), Germany ($2.24M or 100%), and Japan ($2.18M or 38.8%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$65M(29.9%)
IMPORT GROWTH (October 2023 - October 2024)$4.29M(14.9%)
MAIN DESTINATION (October 2024)China$64.3M

This section shows Synthetic Rubber'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 Synthetic Rubber over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$3.3B
IMPORTS (2022)$453M
NET TRADE (2022)$2.84B

In 2022, South Korea exported $3.3B in Synthetic Rubber. The main destinations of South Korea exports on Synthetic Rubber were China ($582M), Malaysia ($365M), United States ($308M), Indonesia ($295M), and India ($278M).

In 2022, South Korea imported $453M in Synthetic Rubber, mainly from China ($113M), Japan ($90.8M), Singapore ($56.5M), United States ($50M), and Czechia ($35.9M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Synthetic Rubber EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
United States$76.1M (32.8%)
Italy$21.9M (38.3%)
Germany$16.1M (22.8%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Synthetic Rubber BY South Korea WERE (2021 - 2022):
Malaysia-$699M (-65.7%)
China-$237M (-29%)
Indonesia-$59.2M (-16.7%)
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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 Synthetic Rubber were:
Thailand $3.04B
United States $2.98B
In 2022, South Korea's main importing competitors in Synthetic Rubber were:
China $8.77B
United States $1.96B
India $1.33B

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Trade Value of Synthetic Rubber by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $256M
TOP IMPORT POTENTIALChina+ $24.7M

Synthetic Rubber’s highest export potential is China. With an export gap of $256M.   Synthetic Rubber’s highest import potential is China with an import gap of $24.7M.

See methodology.

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