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: $10.3k | $8.61k, 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 32 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.
September, 2022
Overview In September 2022 South Korea exported $57.5B and imported $61.4B, resulting in a negative trade balance of $3.82B. Between September 2021 and September 2022 the exports of South Korea have increased by $1.65B (2.96%) from $55.9B to $57.5B, while imports increased by $9.76B (18.9%) from $51.6B to $61.4B.
Trade In September 2022, the top exports of South Korea were Electrical machinery and equipment and parts... ($18.7B), Vehicles ($6.65B), Nuclear reactors, boilers, machinery and mechanical... ($6.21B), Mineral fuels, mineral oils and products... ($5.61B), and Plastics and articles thereof ($3.12B). In September 2022 the top imports of South Korea were Mineral fuels, mineral oils and products... ($19.9B), Electrical machinery and equipment and parts... ($11.7B), Nuclear reactors, boilers, machinery and mechanical... ($4.84B), Ores, slag and ash ($1.94B), and Inorganic chemicals; organic and inorganic compounds... ($1.81B).
Destinations In September 2022, South Korea exported mostly to China ($13.4B), United States ($9.26B), Vietnam ($4.79B), Hong Kong ($2.87B), and Japan ($2.6B), and imported mostly from China ($12.8B), United States ($6.7B), Japan ($4.44B), Australia ($3.78B), and Saudi Arabia ($3.5B).
Growth In September 2022, the increase in South Korea's year-by-year exports was explained primarily by an increase in exports to United States ($2.63B or 45.8%), China ($2.15B or 22.3%), and Vietnam ($556M or 13.6%), and product exports increase in Electrical machinery and equipment and parts... ($2.54B or 21.4%), Vehicles ($1.19B or 27%), and Ships, boats and floating structures ($677M or 24.6%). In September 2022, the increase in South Korea's year-by-year imports was explained primarily by an increase in imports from China ($1.32B or 14%), Japan ($777M or 24.6%), and Netherlands ($601M or 266%), and product imports increase in Nuclear reactors, boilers, machinery and mechanical... ($2.09B or 51.1%), Electrical machinery and equipment and parts... ($1.49B or 20.3%), and Optical, photographic, cinematographic, measuring, checking, medical... ($570M or 40%).
EXPORT GROWTH (September 2021 - September 2022): $1.65B, (2.96%)
IMPORT GROWTH (September 2021 - September 2022): $9.76B, (18.9%)
MAIN DESTINATION (September 2022): China, $13.4B
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 (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 Machining centres, unit construction machines (single station) and multi-station transfer machines for working metal (2.55), Photographic plates and film; exposed and developed, other than cinematographic film (2.45), Photographic (including cinematographic) laboratory apparatus and equipment, n.e.c. in chapter 90; negatoscopes; projection screens (2.15), Chemical preparations for photographic uses (other than varnishes, glues, adhesives and similar preparations); unmixed products for photographic uses, put up in measured portions or for retail sale (2.08), and Chemical elements doped for use in electronics, in the form of discs, wafers or similar forms; chemical compounds doped for use in 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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