Vehicles and their parts in South Korea 2019 Exports | Imports : $62.9B | $15.6B, World Rnk 6 / 225 Rnk 3 / 96 | World Rnk 20 / 225 Rnk 5 / 96
2018 - 2019 FASTEST GROWING MARKET | FASTEST GROWING ORIGIN: $2.41B | $235M, United States | Slovakia
2019 ECONOMIC COMPLEXITY of South Korea: 1.9, Rnk 5 / 147
2019 PRODUCT COMPLEXITY IN Vehicles and their parts: 1.43, Rnk 7 / 96
Exports In 2019, South Korea exported $62.9B in Vehicles and their parts, making it the 6th largest exporter of Vehicles and their parts in the world. At the same year, Vehicles and their parts was the 3rd most exported product in South Korea. The main destination of Vehicles and their parts exports from South Korea are: United States ($21.7B), Russia ($3.3B), Canada ($2.86B), Australia ($2.24B), and Germany ($2.06B).
The fastest growing export markets for Vehicles and their parts of South Korea between 2018 and 2019 were United States ($2.41B), Canada ($318M), and Vietnam ($292M).
Imports In 2019, South Korea imported $15.6B in Vehicles and their parts, becoming the 20th largest importer of Vehicles and their parts in the world. At the same year, Vehicles and their parts was the 5th most imported product in South Korea. South Korea imports Vehicles and their parts primarily from: Germany ($5.99B), United States ($2.28B), China ($1.76B), Japan ($1.59B), and United Kingdom ($666M).
The fastest growing import markets in Vehicles and their parts for South Korea between 2018 and 2019 were Slovakia ($235M), China ($129M), and United States ($61.2M).
Tariffs In 2018, the average tariff for South Korea in Vehicles and their parts was 4.99%. The countries with the highest import tariffs for Vehicles and their parts 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%).
June 2021
Overview In June 2021 South Korea's Vehicles and their parts exports accounted up to $5.8B and imports accounted up to $1.92B, resulting in a positive trade balance of $3.87B. Between June 2020 and June 2021 the exports of South Korea's Vehicles and their parts have increased by $2.43B (72.3%) from $3.36B to $5.8B, while imports increased by $651M (51.2%) from $1.27B to $1.92B.
Destinations In June 2021, Vehicles and their parts were exported mostly to United States ($2.12B), Russia ($346M), Canada ($263M), Germany ($238M), and Australia ($216M), and were imported mostly from Germany ($617M), United States ($356M), China ($251M), Japan ($170M), and Austria ($81.4M).
Growth In June 2021, the increase in Vehicles and their parts's year-by-year exports was explained primarily by an increase in exports to United States ($727M or 52.2%), Russia ($226M or 189%), and Australia ($128M or 145%). In June 2021, the increase in Vehicles and their parts's year-by-year imports was explained primarily by an increase in imports from Germany ($162M or 35.7%), United States ($148M or 71.2%), and China ($89.8M or 55.6%).
EXPORT GROWTH (June 2020 - June 2021): $2.43B, (72.3%)
IMPORT GROWTH (June 2020 - June 2021): $651M, (51.2%)
MAIN DESTINATION (June 2021): United States, $2.12B
This section shows Vehicles and their parts'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 and their parts over time.
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EXPORTS (2019): $62.9B
IMPORTS (2019): $15.6B
NET TRADE (2019): $47.3B
In 2019, South Korea exported $62.9B in Vehicles and their parts. The main destinations of South Korea exports on Vehicles and their parts were United States ($21.7B), Russia ($3.3B), Canada ($2.86B), Australia ($2.24B), and Germany ($2.06B).
In 2019, South Korea imported $15.6B in Vehicles and their parts, mainly from Germany ($5.99B), United States ($2.28B), China ($1.76B), Japan ($1.59B), and United Kingdom ($666M).
IN 2019, South Korea HAD A POSITIVE NET TRADE IN Vehicles and their parts WITH:
IN 2019, South Korea HAD A NEGATIVE NET TRADE IN Vehicles and their parts WITH:
THE FASTEST GROWING Vehicles and their parts EXPORT MARKETS FOR South Korea WERE (2018 - 2019):
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Vehicles and their parts BY South Korea WERE (2018 - 2019):
In 2019, South Korea's main exporting competitors in Vehicles and their parts were:
In 2019, South Korea's main importing competitors in Vehicles and their parts were:
In 2018, the average tariff for South Korea in Vehicles and their parts was 4.99%.
The countries with the highest tariffs for Vehicles and their parts in South Korea 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%).