Vehicles in South Korea 2020 Exports | Imports : $55.8B | $17.9B, World Rnk 6 / 226 Rnk 3 / 96 | World Rnk 16 / 226 Rnk 5 / 96
2019 - 2020 FASTEST GROWING MARKET | FASTEST GROWING ORIGIN: $288M | $1.09B, Saudi Arabia | Germany
2020 ECONOMIC COMPLEXITY of South Korea: 1.88, Rnk 5 / 127
2020 PRODUCT COMPLEXITY IN Vehicles: 1, Rnk 174 / 1029
Exports In 2020, South Korea exported $55.8B in Vehicles, making it the 6th largest exporter of Vehicles in the world. At the same year, Vehicles was the 3rd most exported product in South Korea. The main destination of Vehicles exports from South Korea are: United States ($21.4B), Canada ($2.94B), Russia ($2.67B), Australia ($1.89B), and Saudi Arabia ($1.83B).
The fastest growing export markets for Vehicles of South Korea between 2019 and 2020 were Saudi Arabia ($288M), Pakistan ($217M), and Turkey ($137M).
Imports In 2020, South Korea imported $17.9B in Vehicles, becoming the 16th largest importer of Vehicles in the world. At the same year, Vehicles was the 5th most imported product in South Korea. South Korea imports Vehicles primarily from: Germany ($7.07B), United States ($2.86B), China ($2.15B), Japan ($1.17B), and Mexico ($766M).
The fastest growing import markets in Vehicles for South Korea between 2019 and 2020 were Germany ($1.09B), United States ($577M), and Mexico ($391M).
Tariffs In 2018, the average tariff for South Korea in Vehicles was 4.99%. The countries with the highest import tariffs for Vehicles were Botswana (Most Favoured Nation duty rate treatement, 7.97%), Cote d'Ivoire (Most Favoured Nation duty rate treatement, 7.97%), Cameroon (Most Favoured Nation duty rate treatement, 7.97%), Republic of the Congo (Most Favoured Nation duty rate treatement, 7.97%), and Cape Verde (Most Favoured Nation duty rate treatement, 7.97%).
November 2022
Overview In November 2022 South Korea's Vehicles exports accounted up to $7.12B and imports accounted up to $2.32B, resulting in a positive trade balance of $4.8B. Between November 2021 and November 2022 the exports of South Korea's Vehicles have increased by $1.31B (22.5%) from $5.81B to $7.12B, while imports increased by $778M (50.4%) from $1.54B to $2.32B.
Destinations In November 2022, Vehicles were exported mostly to United States ($2.98B), Australia ($371M), Canada ($282M), Germany ($196M), and Saudi Arabia ($175M), and were imported mostly from Germany ($702M), United States ($457M), China ($298M), Austria ($124M), and Mexico ($119M).
Growth In November 2022, the increase in Vehicles's year-by-year exports was explained primarily by an increase in exports to United States ($522M or 33.2%), Russia ($83.1M or 38.6%), and Australia ($81.6M or 57.4%). In November 2022, the increase in Vehicles's year-by-year imports was explained primarily by an increase in imports from Austria ($64.7M or 444%), China ($56.1M or 35.9%), and Slovakia ($45M or 3.66k%).
EXPORT GROWTH (November 2021 - November 2022): $1.31B, (22.5%)
IMPORT GROWTH (November 2021 - November 2022): $778M, (50.4%)
MAIN DESTINATION (November 2022): United States, $2.98B
This section shows Vehicles'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 Vehicles over time.
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EXPORTS (2020): $55.8B
IMPORTS (2020): $17.9B
NET TRADE (2020): $37.9B
In 2020, South Korea exported $55.8B in Vehicles. The main destinations of South Korea exports on Vehicles were United States ($21.4B), Canada ($2.94B), Russia ($2.67B), Australia ($1.89B), and Saudi Arabia ($1.83B).
In 2020, South Korea imported $17.9B in Vehicles, mainly from Germany ($7.07B), United States ($2.86B), China ($2.15B), Japan ($1.17B), and Mexico ($766M).
THE FASTEST GROWING Vehicles EXPORT MARKETS FOR South Korea WERE (2019 - 2020):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Vehicles BY South Korea WERE (2019 - 2020):
In 2020, South Korea's main exporting competitors in Vehicles were:
In 2020, South Korea's main importing competitors in Vehicles were:
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