South Korea2020 Economic Complexity : 1.88, Rank 5 of 127
2020 Product Exports | Imports: $531B | $446B, 5 of 226 | 9 of 226
2020 Per Capita Product Exports | Imports: $10.2k | $8.6k, 55 of 219 | 58 of 219
2018 Service Exports | Imports : $96.3B | $118B, 23 of 138 | 16 of 138
Overview In 2020, South Korea was the number 10 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 9 in total imports, the number 37 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 ($89.1B), Cars ($36.9B), Refined Petroleum ($23.3B), Passenger and Cargo Ships ($17.3B), and Motor vehicles; parts and accessories (8701 to 8705) ($16B), exporting mostly to China ($131B), United States ($75B), Vietnam ($48B), Hong Kong ($30.9B), and Japan ($25.1B).
In 2020, South Korea was the world's biggest exporter of Passenger and Cargo Ships ($17.3B), Blank Audio Media ($10.4B), Cyclic Hydrocarbons ($5.46B), Styrene Polymers ($3.23B), and Synthetic Rubber ($2.53B)
Imports The top imports of South Korea are Crude Petroleum ($42.2B), Integrated Circuits ($38.6B), Petroleum Gas ($16.3B), Refined Petroleum ($12.9B), and Cars ($11.8B), importing mostly from China ($110B), United States ($53.4B), Japan ($42.9B), Germany ($20B), and Vietnam ($19.6B).
In 2020, South Korea was the world's biggest importer of Inorganic Salts ($642M), Carbonates ($506M), Starch Residue ($489M), Felt Machinery ($374M), and Manganese ($135M)
Location South Korea borders North Korea by land and China and Japan by sea.
January, 2023
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%).
EXPORT GROWTH (January 2022 - January 2023): $-9.16B, (-16.5%)
IMPORT GROWTH (January 2022 - January 2023): $-1.29B, (-2.15%)
MAIN DESTINATION (January 2023): China, $9.22B
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.
For full datasets download visit Bulk Download page.
Top Export (2020): Integrated Circuits, $89.1B
Top Destination (2020): China, $110B
In 2020, South Korea exported a total of $531B, making it the number 5 exporter in the world. During the last five reported years the exports of South Korea have changed by -$5.21B from $536B in 2015 to $531B in 2020.
The most recent exports are led by Integrated Circuits ($89.1B), Cars ($36.9B), Refined Petroleum ($23.3B), Passenger and Cargo Ships ($17.3B), and Motor vehicles; parts and accessories (8701 to 8705) ($16B). The most common destination for the exports of South Korea are China ($131B), United States ($75B), Vietnam ($48B), Hong Kong ($30.9B), and Japan ($25.1B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
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).
South Korea has a high level of specialization in Oxometallic or Peroxometallic Acid Salts (12.1), Inorganic Compounds (8.57), Passenger and Cargo Ships (8.4), Halides (8.26), and Carbon Paper (6.09). 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 Metalworking Transfer Machines (2.55), Developed Exposed Photographic Material (2.45), Photo Lab Equipment (2.15), Photographic Chemicals (2.08), and Disc Chemicals for Electronics (2.01). 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 Incomplete Movement Sets (0.34), Photographic Film (0.32), Watch Movements (0.3), Blown Glass (0.28), and Electrical Parts (0.27). 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 32nd 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.
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