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2022
Exports $2.05BWorld Rnk 6 / 226
Flag Rnk 26 / 96
2022
Destination $74.6M United States
2021 - 2022
FASTEST GROWING MARKET $74.6MMexico
2022
PRODUCT COMPLEXITY IN Tools & cutlery1.7Rnk 24 / 1025
2022
Imports $1.17BWorld Rnk 17 / 225
Flag Rnk 54 / 96
2022
Origin $41.8M China
2021 - 2022
FASTEST GROWING ORIGIN $41.8MChina
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $2.05B in Tools & cutlery, making it the 6th largest exporter of Tools & cutlery in the world. At the same year, Tools & cutlery was the 26th most exported product in South Korea. The main destination of Tools & cutlery exports from South Korea are: United States ($367M), China ($195M), Mexico ($194M), Japan ($161M), and India ($158M).

The fastest growing export markets for Tools & cutlery of South Korea between 2021 and 2022 were Mexico ($74.6M), Hungary ($15.8M), and India ($10.5M).

Imports In 2022, South Korea imported $1.17B in Tools & cutlery, becoming the 17th largest importer of Tools & cutlery in the world. At the same year, Tools & cutlery was the 54th most imported product in South Korea. South Korea imports Tools & cutlery primarily from: China ($563M), Japan ($199M), Germany ($89.7M), United States ($52.5M), and Chinese Taipei ($45.2M).

The fastest growing import markets in Tools & cutlery for South Korea between 2021 and 2022 were China ($41.8M), Netherlands ($5.61M), and Vietnam ($5.59M).

COMPANIES In 2023, leading companies such as LG Electronics (176), Haas Automation (49), and Walong Marketing (32) were at the forefront of shipping Tools & cutlery from South Korea to the United States.

Latest Trends

October 2024

About

Overview In October 2024 South Korea's Tools & cutlery exports accounted up to $158M and imports accounted up to $85.5M, resulting in a positive trade balance of $72.2M. Between October 2023 and October 2024 the exports of South Korea's   Tools & cutlery have increased by $37.5M (31.2%) from $120M to $158M, while imports increased by $6.2M (7.81%) from $79.3M to $85.5M.

Destinations In October 2024, Tools & cutlery were exported mostly to United States ($25.9M), China ($18M), Mexico ($15.9M), Japan ($13.4M), and India ($12.8M), and were imported mostly from China ($35.1M), Japan ($15.3M), Germany ($11.4M), United States ($4.32M), and Vietnam ($3.27M).

Growth In October 2024, the increase in Tools & cutlery's year-by-year exports was explained primarily by an increase in exports to India ($25.5M or 417%), Czechia ($5.17M or 534%), and Thailand ($2.23M or 134%). In October 2024, the increase in Tools & cutlery's year-by-year imports was explained primarily by an increase in imports from Germany ($596k or 6.54%), Portugal ($431k or 731%), and Spain ($155k or 97.5%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)$37.5M(31.2%)
IMPORT GROWTH (October 2023 - October 2024)$6.2M(7.81%)
MAIN DESTINATION (October 2024)United States$25.9M

This section shows Tools & cutlery'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 Tools & cutlery over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$2.05B
IMPORTS (2022)$1.17B
NET TRADE (2022)$883M

In 2022, South Korea exported $2.05B in Tools & cutlery. The main destinations of South Korea exports on Tools & cutlery were United States ($367M), China ($195M), Mexico ($194M), Japan ($161M), and India ($158M).

In 2022, South Korea imported $1.17B in Tools & cutlery, mainly from China ($563M), Japan ($199M), Germany ($89.7M), United States ($52.5M), and Chinese Taipei ($45.2M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Tools & cutlery EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Mexico$74.6M (62.7%)
Hungary$15.8M (108%)
India$10.5M (7.13%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Tools & cutlery BY South Korea WERE (2021 - 2022):
Indonesia-$29.4M (-41%)
United States-$28.6M (-7.23%)
China-$28.4M (-12.7%)
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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 Tools & cutlery were:
China $23.6B
Germany $9.45B
United States $4.88B
In 2022, South Korea's main importing competitors in Tools & cutlery were:
United States $12.5B
Germany $6.36B
Netherlands $3.05B

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Trade Value of Tools & cutlery by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $65.2M
TOP IMPORT POTENTIALChina+ $124M

Tools & cutlery’s highest export potential is China. With an export gap of $65.2M.   Tools & cutlery’s highest import potential is China with an import gap of $124M.

See methodology.

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