South KoreaEcon Complexity (2018): 1.85, Rank 5 of 137
Product Exports (2018): $617B, Rank 5 of 222
Exports Per Capita (2018): $11.9k, Rank 63 of 219
Product Imports (2018): $509B, Rank 10 of 221
Imports Per Capita (2018): $9.87k, Rank 65 of 219
GDP (2018): $1.62T, CURRENT US$Rank 12 of 196
GDP growth (2008 - 2018): 61.6%, CURRENT US$Rank 69 of 196
GDP PC (2018): $31,363, CURRENT US$Rank 34 of 196
GDP PC GROWTH (2008 - 2018): 53.5%, CURRENT US$Rank 42 of 196
Overview: In 2018 South Korea was the number 12 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 10 in total imports, and the number 5 most complex economy according to the Economic Complexity Index (ECI). In 2018, South Korea exported $617B and imported $509B, resulting in a positive trade balance of $107B. In 2018, South Korea's exports per capita were $11.9k and its imports per capita were $9.87k.
Trade: The top exports of South Korea are Integrated Circuits ($113B), Refined Petroleum ($43.6B), Cars ($38.7B), Vehicle Parts ($19B), and Office Machine Parts ($18.8B). The top imports of South Korea are Crude Petroleum ($74.8B), Integrated Circuits ($32B), Petroleum Gas ($23B), Refined Petroleum ($20.2B), and Coal Briquettes ($14.1B).
Destinations: South Korea exports mostly to China ($160B), United States ($73.1B), Vietnam ($48.6B), Hong Kong ($44.5B), and Japan ($30.8B), and imports mostly from China ($107B), United States ($55.8B), Japan ($51.5B), Saudi Arabia ($23.5B), and Germany ($20.4B).
Location: South Korea borders North Korea by land and China and Japan by sea.
Top Export (2018): Integrated Circuits, $113B
Top Destination (2018): China, $160B
In 2018 South Korea exported a total of $617B, making it the number 5 exporter in the world. During the last five reported years the exports of South Korea have changed by $43.8B from $573B in 2013 to $617B in 2018.
The most recent exports are led by Integrated Circuits ($113B), Refined Petroleum ($43.6B), Cars ($38.7B), Vehicle Parts ($19B), and Office Machine Parts ($18.8B). The most common destination for the exports of South Korea are China ($160B), United States ($73.1B), Vietnam ($48.6B), Hong Kong ($44.5B), and Japan ($30.8B).
Top Import (2018): Crude Petroleum, $74.8B
Top Origin (2018): China, $107B
In 2018 South Korea imported $509B, making it the number 10 trade destination in the world. During the last five reported years the imports of South Korea changed by $12.6B from $497B in 2013 to $509B in 2018.
The most recent imports of South Korea are led by Crude Petroleum ($74.8B), Integrated Circuits ($32B), Petroleum Gas ($23B), Refined Petroleum ($20.2B), and Coal Briquettes ($14.1B). The most common import partners for South Korea are China ($107B), United States ($55.8B), Japan ($51.5B), Saudi Arabia ($23.5B), and Germany ($20.4B).
Fastest Growing Export Markets (2017 - 2018)
Fastest Growing Import Markets (2017 - 2018)
This section shows forecasts for total product exports and imports for South Korea. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
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:
During the last 20 years South Korea's economy has become relatively more complex, moving from the 26th 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.
South Korea has a high level of specialization in Electrical Parts (14), Inorganic Compounds (10.9), Passenger and Cargo Ships (9.69), Halides (7.9), and Oxometallic or Peroxometallic Acid Salts (7.65). 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 centre, single/multistation transfer machine (2.58), Photo plate, film, exposed or developed, except cine (2.4), Cermets and articles thereof, waste or scrap (2.21), Chemical element/compound wafers doped for electronics (2.2), and Chemical preparations for photographic use (2.16). 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 (0.31), Incomplete Movement Sets (0.28), Audio and Video Recording Accessories (0.27), Tin Bars (0.27), and Knitting Machines (0.26). 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 it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.
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