Overview In June 2023 South Korea exported $54.1B and imported $53.1B, resulting in a positive trade balance of $1.01B. Between June 2022 and June 2023 the exports of South Korea have decreased by $-3.72B (-6.44%) from $57.8B to $54.1B, while imports decreased by $-7.31B (-12.1%) from $60.4B to $53.1B.
Trade In June 2023, the top exports of South Korea were Electrical machinery and electronics ($14.9B), Cars, tractors, trucks & parts thereof. ($8.06B), Machinery, mechanical appliances, & parts ($6.17B), Mineral fuels, mineral oils and products... ($3.49B), and Plastics & articles thereof ($2.89B). In June 2023 the top imports of South Korea were Mineral fuels, mineral oils and products... ($11.9B), Electrical machinery and electronics ($9.9B), Machinery, mechanical appliances, & parts ($5.65B), Cars, tractors, trucks & parts thereof. ($2.53B), and Optical, photo, & film equipment; medical... ($1.9B).
Destinations In June 2023, South Korea exported mostly to China ($10.5B), United States ($9.58B), Vietnam ($4.31B), Japan ($2.55B), and Hong Kong ($2.36B), and imported mostly from China ($11.8B), United States ($5.53B), Japan ($4.33B), Germany ($2.53B), and Australia ($2.51B).
Growth In June 2023, the decrease in South Korea's year-by-year exports was explained primarily by an decrease in exports to China ($-2.54B or -19.5%), Philippines ($-579M or -46.9%), and Chinese Taipei ($-577M or -23.9%), and product exports decrease in Electrical machinery and electronics ($-3.76B or -20.2%), Mineral fuels, mineral oils and products... ($-2.25B or -39.2%), and Plastics & articles thereof ($-533M or -15.6%). In June 2023, the decrease in South Korea's year-by-year imports was explained primarily by an decrease in imports from China ($-2.58B or -17.9%), United States ($-1.24B or -18.4%), and Australia ($-1.24B or -33%), and product imports decrease in Mineral fuels, mineral oils and products... ($-4.23B or -26.2%), Electrical machinery and electronics ($-1.61B or -14%), and Organic chemicals ($-370M or -24.3%).