Overview In January 2023 South Korea exported $46.2B and imported $59B, resulting in a negative trade balance of $12.8B. Between January 2022 and January 2023 the exports of South Korea have decreased by $-9.16B (-16.5%) from $55.4B to $46.2B, while imports decreased by $-1.29B (-2.15%) from $60.3B to $59B.
Trade In January 2023, the top exports of South Korea were Electrical machinery and electronics ($10.2B), Cars, tractors, trucks & parts thereof. ($6.55B), Machinery, mechanical appliances, & parts ($4.75B), Mineral fuels, mineral oils and products... ($4.32B), and Plastics & articles thereof ($2.72B). In January 2023 the top imports of South Korea were Mineral fuels, mineral oils and products... ($17.7B), Electrical machinery and electronics ($9.23B), Machinery, mechanical appliances, & parts ($5.25B), Inorganic chemicals ($2.18B), and Optical, photo, & film equipment; medical... ($1.99B).
Destinations In January 2023, South Korea exported mostly to China ($9.22B), United States ($8.05B), Vietnam ($3.8B), Japan ($2.28B), and India ($1.45B), and imported mostly from China ($13.2B), United States ($6.97B), Australia ($4.12B), Japan ($3.95B), and Saudi Arabia ($2.77B).
Growth In January 2023, the decrease in South Korea's year-by-year exports was explained primarily by an decrease in exports to Liberia ($-338M or -99.8%), Germany ($-243M or -23.2%), and Malta ($-242M or -97.7%), and product exports decrease in Ships, boats, & floating structures ($-2.74B or -79.8%), Optical, photo, & film equipment; medical... ($-340M or -18.9%), and Perfumery & cosmetics ($-182M or -24.5%). In January 2023, the decrease in South Korea's year-by-year imports was explained primarily by an decrease in imports from Netherlands ($-294M or -35.5%), United Kingdom ($-160M or -29.7%), and Kazakhstan ($-119M or -53.6%), and product imports decrease in Machinery, mechanical appliances, & parts ($-460M or -7.44%), Optical, photo, & film equipment; medical... ($-269M or -13.5%), and Precious stones, metals, & pearls ($-119M or -17.8%).