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 | $118B, 18 of 125 | 16 of 125
Overview In 2020 South Korea was the number 10 economy in the world in terms of GDP (current US$), 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 Vehicle Parts ($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 Chinaand Japan by sea.
February, 2022
Overview In February 2022 South Korea exported $54.1B and imported $53.2B, resulting in a positive trade balance of $880M. Between February 2021 and February 2022 the exports of South Korea have increased by $9.29B (20.7%) from $44.8B to $54.1B, while imports increased by $11.1B (26.2%) from $42.2B to $53.2B.
Trade In February 2022, the top exports of South Korea were Electrical machinery and equipment ($14.3B), Machinery and appliances ($5.72B), Vehicles and their parts ($5.42B), Mineral fuels, mineral oils and products... ($4.25B), and Plastics and articles thereof ($3.58B). In February 2022 the top imports of South Korea were Mineral fuels, mineral oils and products... ($15B), Electrical machinery and equipment ($8.53B), Machinery and appliances ($5.49B), Ores, slag and ash ($1.73B), and Instruments and apparatus ($1.67B).
Destinations In February 2022, South Korea exported mostly to China ($13.1B), United States ($7.74B), Vietnam ($5.26B), Japan ($2.48B), and Hong Kong ($2.45B), and imported mostly from China ($10.5B), United States ($5.96B), Japan ($4.71B), Australia ($3.29B), and Saudi Arabia ($2.61B).
Growth In February 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 ($2.54B or 21.4%), Vehicles and their parts ($1.19B or 27%), and Ships, boats and floating structures ($677M or 24.6%). In February 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 Machinery and appliances ($2.09B or 51.1%), Electrical machinery and equipment ($1.49B or 20.3%), and Instruments and apparatus ($570M or 40%).
EXPORT GROWTH (February 2021 - February 2022): $9.29B, (20.7%)
IMPORT GROWTH (February 2021 - February 2022): $11.1B, (26.2%)
MAIN DESTINATION (February 2022): China, $13.1B
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.
For full datasets download visit Bulk Download page.
Top Export (2020): Integrated Circuits, $89.1B
Top Destination (2020): China, $131B
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 Vehicle Parts ($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).
Top Import (2020): Crude Petroleum, $42.2B
Top Origin (2020): China, $110B
In 2020 South Korea imported $446B, making it the number 9 trade destination in the world. During the last five reported years the imports of South Korea changed by $26.1B from $420B in 2015 to $446B in 2020.
The most recent imports of South Korea are led by Crude Petroleum ($42.2B), Integrated Circuits ($38.6B), Petroleum Gas ($16.3B), Refined Petroleum ($12.9B), and Cars ($11.8B). The most common import partners for South Korea are China ($110B), United States ($53.4B), Japan ($42.9B), Germany ($20B), and Vietnam ($19.6B).
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).
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:
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 centre, single/multistation transfer machine (2.55), Photo plate, film, exposed or developed, except cine (2.45), Equipment for photographic laboratories nes (2.15), Chemical preparations for photographic use (2.08), and Chemical element/compound wafers doped for 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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