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2022
Economic Complexity
Trade 1.78Rank 4 of 133
2021
Economic Complexity
Technology 0.73Rank 32 of 96
2022
Economic Complexity
Research -0.044Rank 55 of 135
2022
Product
Exports | Imports $705B | $666B5 of 226 |  10 of 226
2022
Per Capita Product
Exports | Imports $13.7k | $12.9k34 of 220 |  43 of 220

About

Overview In 2022, South Korea was the number 13 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 10 in total imports, the number 33 economy in terms of GDP per capita (current US$) and the number 4 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of South Korea are Integrated Circuits ($121B), Refined Petroleum ($61.4B), Cars ($52.1B), Broadcasting Equipment ($24.2B), and Motor vehicles; parts and accessories (8701 to 8705) ($20B), exporting mostly to China ($150B), United States ($112B), Vietnam ($60.7B), Japan ($30.5B), and Hong Kong ($28.9B).

In 2022, South Korea was the world's biggest exporter of Blank Audio Media ($11.6B), Cyclic Hydrocarbons ($9.79B), Special Purpose Ships ($7.36B), Oxometallic or Peroxometallic Acid Salts ($4.68B), and Styrene Polymers ($3.93B)

Imports The top imports of South Korea are Crude Petroleum ($89.1B), Integrated Circuits ($56.4B), Petroleum Gas ($46.9B), Coal Briquettes ($26.8B), and Refined Petroleum ($26.1B), importing mostly from China ($150B), United States ($73.6B), Japan ($50.8B), Australia ($41B), and Saudi Arabia ($36B).

In 2022, South Korea was the world's biggest importer of Inorganic Salts ($4.02B), Starch Residue ($719M), Hydrides and other anions ($110M), Other Vegetable Fibers Fabric ($18.2M), and Wood Wool ($10.2M)

Location South Korea borders North Korea by land and China and Japan by sea.

Latest Trends

October, 2024

About

Overview In October 2024 South Korea exported $57.2B and imported $54.3B, resulting in a positive trade balance of $2.86B. Between October 2023 and October 2024 the exports of South Korea have increased by $2.42B (4.42%) from $54.8B to $57.2B, while imports increased by $904M (1.69%) from $53.4B to $54.3B.

Trade In October 2024, the top exports of South Korea were Electrical machinery and electronics ($19.1B), Cars, tractors, trucks & parts thereof. ($7.84B), Machinery, mechanical appliances, & parts ($6.23B), Mineral fuels, mineral oils and products... ($3.59B), and Plastics & articles thereof ($2.97B). In October 2024 the top imports of South Korea were Mineral fuels, mineral oils and products... ($13.2B), Electrical machinery and electronics ($11.8B), Machinery, mechanical appliances, & parts ($5.43B), Optical, photo, & film equipment; medical... ($2.04B), and Cars, tractors, trucks & parts thereof. ($1.77B).

Destinations In October 2024, South Korea exported mostly to China ($12.2B), United States ($10.4B), Vietnam ($5.23B), Chinese Taipei ($3.52B), and Japan ($2.42B), and imported mostly from China ($12.5B), United States ($5.97B), Japan ($4.38B), Chinese Taipei ($2.68B), and Australia ($2.61B).

Growth In October 2024, the increase in South Korea's year-by-year exports was explained primarily by an increase in exports to Chinese Taipei ($1.82B or 107%), China ($1.18B or 10.8%), and Vietnam ($401M or 8.29%), and product exports increase in Electrical machinery and electronics ($3.45B or 22.1%), Cars, tractors, trucks & parts thereof. ($391M or 5.24%), and Perfumery & cosmetics ($268M or 36.4%). In October 2024, the increase in South Korea's year-by-year imports was explained primarily by an increase in imports from Chinese Taipei ($512M or 23.6%), Japan ($444M or 11.3%), and Qatar ($350M or 37.3%), and product imports increase in Machinery, mechanical appliances, & parts ($752M or 16.1%), Electrical machinery and electronics ($659M or 5.93%), and Precious stones, metals, & pearls ($253M or 64.5%).

Latest Trade

Time Scale
Flow
Color
Depth
EXPORT GROWTH (October 2023 - October 2024)$2.42B(4.42%)
IMPORT GROWTH (October 2023 - October 2024)$904M(1.69%)
MAIN DESTINATION (October 2024)China$12.2B

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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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Integrated Circuits$121B
Top Destination (2022)China$150B

In 2022, South Korea exported a total of $705B, making it the number 5 exporter in the world. During the last five reported years the exports of South Korea have changed by $104B from $601B in 2017 to $705B in 2022.

The most recent exports are led by Integrated Circuits ($121B), Refined Petroleum ($61.4B), Cars ($52.1B), Broadcasting Equipment ($24.2B), and Motor vehicles; parts and accessories (8701 to 8705) ($20B). The most common destination for the exports of South Korea are China ($150B), United States ($112B), Vietnam ($60.7B), Japan ($30.5B), and Hong Kong ($28.9B).

Explore Visualizations

Exports (2022)
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Destinations (2022)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2021 - 2022)
United States$15.6B (+ 16.2%)
Australia$8.96B (+ 92.1%)
Singapore$6.65B (+ 42%)
Fastest Growing Import Markets (2021 - 2022)
Saudi Arabia$14.4B (+ 66.8%)
China$12B (+ 8.64%)
Australia$11.5B (+ 38.8%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

Type
Flow
Depth
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Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)1.78Rank 4 of 133
Economic Complexity (Technology)0.73Rank 32 of 96
Economic Complexity (Research)-0.044Rank 55 of 135

Most Specialized Products by RCA Index

South Korea has a high level of specialization in Oxometallic or Peroxometallic Acid Salts (17.4), Cast or Rolled Glass (9.18), Special Purpose Ships (8.74), Nitric Acids (8.33), and Halides (8.06). Specialization is measured using RCA, an index that takes the ratio between South Korea observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for South Korea according to the relatedness index, were Incomplete Movement Sets (0.29), Aldehyde Derivatives (0.29), Mirrors and Lenses (0.28), Signaling Glassware (0.28), and Knitting Machines (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.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of South Korea. These are products that tend to be co-exported with the products that South Korea exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2022)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years South Korea's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨24th to the 4th⁩ 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.

Explore Rankings

ECI (Trade) Ranking by Country

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