Overview: In 2018 South Korea was the number 12 economy in the world in terms of GDP (current US$), the number 5 in total exports, the number 10 in total imports,
the number 34 economy in terms of GDP per capita (current US$) and the number 5 most complex economy according to the Economic Complexity Index (ECI)
Overview: In November 2020 South Korea exported $45.8B and imported $39.9B, resulting in a positive trade balance of $5.92B. Between November 2019 and November 2020 the exports of South Korea have increased by $1.8B (4.09%) from $44B to $45.8B, while imports decreased by $-806M (-1.98%) from $40.7B to $39.9B.
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.
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.
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.
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).
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 tariffs applied to imports for South Korea are:84: Association of Southeast Asian Nations (ASEAN ) Free Trade Area136: Most Favoured Nation duty rate treatement165: Preferential tariff for Australia168: Preferential tariff for Bangladesh178: Preferential tariff for Canada182: Preferential tariff for Chile184: Preferential tariff for China189: Preferential tariff for Colombia217: Preferential tariff for European Free Trade Association (EFTA) countries218: Preferential tariff for European Union countries238: Preferential tariff for Iceland239: Preferential tariff for India252: Preferential tariff for Lao PDR254: Preferential tariff for Least Developed Countries277: Preferential tariff for New Zealand281: Preferential tariff for Norway289: Preferential tariff for Peru299: Preferential tariff for Singapore306: Preferential tariff for Switzerland312: Preferential tariff for the Democratic People's Republic of Korea322: Preferential tariff for Turkey329: Preferential tariff for United States under (AUSFTA) Australia-United States Free Trade Agreement333: Preferential tariff for Vietnam335: Preferential tariff selected (GSTP) Global System of Trade Preferences among Developing Countries340: Preferential tariff under the Trade Negotiations among Developing Countries (TNDC) in WTO343: Preferential trade agreement (APTA) Asia-Pacific Trade Agreement or (Previously named:Bangkok Agreement)
During the last 20 years South Korea's economy has become relatively más 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.
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.
South Korea
