South Korea2019 Economic Complexity : 1.9, Rank 5 of 146
2019 Product Exports | Imports: $555B | $485B, 6 of 225 | 9 of 225
2019 Per Capita Product Exports | Imports: $10.7k | $9.38k, N/A of N/A | N/A of N/A
2018 Service Exports | Imports : $96.3B | $118B, 18 of 125 | 16 of 125
Overview In 2019 South Korea was the number 12 economy in the world in terms of GDP (current US$), the number 6 in total exports, the number 9 in total imports, the number N/A economy in terms of GDP per capita (current US$) and the number 5 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of South Korea are Integrated Circuits ($85.2B), Cars ($40.8B), Refined Petroleum ($38.9B), Vehicle Parts ($18.5B), and Passenger and Cargo Ships ($17.1B), exporting mostly to China ($136B), United States ($74.8B), Vietnam ($47.8B), Hong Kong ($31.6B), and Japan ($28.3B).
In 2019, South Korea was the world's biggest exporter of Passenger and Cargo Ships ($17.1B), Cyclic Hydrocarbons ($9.07B), Styrene Polymers ($3.5B), Synthetic Rubber ($2.76B), and Polycarboxylic Acids ($2.58B)
Imports The top imports of South Korea are Crude Petroleum ($67.4B), Integrated Circuits ($34.3B), Petroleum Gas ($21.8B), Refined Petroleum ($18.4B), and Coal Briquettes ($11.8B), importing mostly from China ($108B), United States ($57.6B), Japan ($44.9B), Vietnam ($20.3B), and Saudi Arabia ($19.5B).
In 2019, South Korea was the world's biggest importer of Carbonates ($651M), Inorganic Compounds ($650M), Starch Residue ($444M), Cobalt Oxides and Hydroxides ($236M), and Other Carbon Paper ($86.5M)
Location South Korea borders North Korea by land and China and Japan by sea.
October, 2021
Overview In October 2021 South Korea exported $55.6B and imported $53.8B, resulting in a positive trade balance of $1.77B. Between October 2020 and October 2021 the exports of South Korea have increased by $10.8B (24%) from $44.8B to $55.6B, while imports increased by $14.7B (37.7%) from $39.1B to $53.8B.
Trade In October 2021, the top exports of South Korea were Electrical machinery and equipment and parts... ($17.6B), Nuclear reactors, boilers, machinery and mechanical... ($6.2B), Vehicles; other than railway or tramway... ($5.45B), Mineral fuels, mineral oils and products... ($4.19B), and Plastics and articles thereof ($3.84B). In October 2021 the top imports of South Korea were Mineral fuels, mineral oils and products... ($13.4B), Electrical machinery and equipment and parts... ($10.6B), Nuclear reactors, boilers, machinery and mechanical... ($4.94B), Ores, slag and ash ($2.4B), and Optical, photographic, cinematographic, measuring, checking, medical... ($1.78B).
Destinations In October 2021, South Korea exported mostly to China ($14.4B), United States ($8.07B), Vietnam ($4.92B), Hong Kong ($2.74B), and Japan ($2.6B), and imported mostly from China ($12B), United States ($5.99B), Japan ($4.68B), Australia ($2.88B), and Saudi Arabia ($2.43B).
Growth In October 2021, the increase in South Korea's year-by-year exports was explained primarily by an increase in exports to China ($2.86B or 24.8%), United States ($1.5B or 22.9%), and Singapore ($740M or 126%), and product exports increase in Electrical machinery and equipment and parts... ($3.09B or 21.2%), Mineral fuels, mineral oils and products... ($2.46B or 142%), and Plastics and articles thereof ($1.08B or 39.1%). In October 2021, the increase in South Korea's year-by-year imports was explained primarily by an increase in imports from China ($2.35B or 24.5%), United States ($1.63B or 37.3%), and Australia ($1.15B or 66.9%), and product imports increase in Mineral fuels, mineral oils and products... ($7.12B or 114%), Electrical machinery and equipment and parts... ($1.94B or 22.3%), and Ores, slag and ash ($1.04B or 76.9%).
EXPORT GROWTH (October 2020 - October 2021): $10.8B, (24%)
IMPORT GROWTH (October 2020 - October 2021): $14.7B, (37.7%)
MAIN DESTINATION (October 2021): China, $14.4B
This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of South Korea over time.
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Top Export (2019): Integrated Circuits, $85.2B
Top Destination (2019): China, $136B
In 2019, South Korea exported a total of $555B, making it the number 6 exporter in the world. During the last five reported years the exports of South Korea have changed by -$27.2B from $582B in 2014 to $555B in 2019.
The most recent exports are led by Integrated Circuits ($85.2B), Cars ($40.8B), Refined Petroleum ($38.9B), Vehicle Parts ($18.5B), and Passenger and Cargo Ships ($17.1B). The most common destination for the exports of South Korea are China ($136B), United States ($74.8B), Vietnam ($47.8B), Hong Kong ($31.6B), and Japan ($28.3B).
Fastest Growing Import Markets (N/A - N/A)
South Korea Exports Services (2018): $96.3B
South Korea Imports Services (2018): $118B
In 2018, South Korea exported $96.3B worth of services. The top services exported by South Korea in 2018 were Transportation ($27.7B), Other business services ($21.7B), Travel ($15.3B), Construction services ($12.7B), and Royalties and license fees ($7.75B).
The top services imported by South Korea in 2018 were Other business services ($32.9B), Transportation ($32.1B), Travel ($32B), Royalties and license fees ($9.88B), and Construction services ($3.27B).
The top product import tariffs by their MFN Ad Valorem value for South Korea are Cereals unmilled nes (800%) and Cereals: fonio (Digitaria spp.) (800%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for South Korea are:
South Korea has a high level of specialization in Oxometallic or Peroxometallic Acid Salts (10.2), Halides (8.47), Passenger and Cargo Ships (7.96), Cast or Rolled Glass (7.47), and Cyclic Hydrocarbons (6.48). Specialization is measured using RCA, an index that takes the ratio between South Korea observed and expected exports in each product.
The highest complexity exports of South Korea according to the product complexity index (PCI) are Photo plate, film, exposed or developed, except cine (2.76), Machining centre, single/multistation transfer machine (2.42), Equipment for photographic laboratories nes (2.25), Chemical element/compound wafers doped for electronics (2.18), and Chemical preparations for photographic use (2.12). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for South Korea according to the relatedness index, are Photographic Film (0.3), Incomplete Movement Sets (0.29), Blown Glass (0.29), Other Electrical Machinery (0.28), and Watch Movements (0.28). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that South Korea is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years South Korea's economy has become relatively more complex, moving from the 28th to the 5th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.