Cotton in South Korea | The Observatory of Economic Complexity

About

Exports In 2022, South Korea exported $424M in Cotton, making it the 19th largest exporter of Cotton in the world. At the same year, Cotton was the 56th most exported product in South Korea. The main destination of Cotton exports from South Korea are: United States ($155M), Vietnam ($71.1M), China ($29.1M), Indonesia ($24.7M), and Guatemala ($17M).

The fastest growing export markets for Cotton of South Korea between 2021 and 2022 were Dominican Republic ($5.26M), Japan ($2.63M), and Indonesia ($1.24M).

Imports In 2022, South Korea imported $1.16B in Cotton, becoming the 10th largest importer of Cotton in the world. At the same year, Cotton was the 55th most imported product in South Korea. South Korea imports Cotton primarily from: Vietnam ($290M), China ($217M), India ($185M), Australia ($115M), and United States ($108M).

The fastest growing import markets in Cotton for South Korea between 2021 and 2022 were Australia ($95.1M), Italy ($3.24M), and Japan ($1.84M).

COMPANIES In 2023, leading companies such as LG ELECTRONICS U.S.A. INC. (1.25k), COSTCO WHOLESALE COPRORATION (464), and CJ FOODS USA INC. (48) were at the forefront of shipping Cotton from South Korea to the United States.

Latest Trends

February 2024

About

Overview In February 2024 South Korea's Cotton exports accounted up to $21.3M and imports accounted up to $61.9M, resulting in a negative trade balance of $40.6M. Between February 2023 and February 2024 the exports of South Korea's Cotton have decreased by $-5.25M (-19.8%) from $26.6M to $21.3M, while imports decreased by $-10M (-13.9%) from $71.9M to $61.9M.

Destinations In February 2024, Cotton were exported mostly to United States ($10.2M), Vietnam ($5.05M), China ($982k), Japan ($925k), and Indonesia ($863k), and were imported mostly from Vietnam ($21.1M), India ($13.3M), China ($9.91M), Brazil ($5.92M), and Australia ($3.48M).

Growth In February 2024, the decrease in Cotton's year-by-year exports was explained primarily by a decrease in exports to United States ($-7.39M or -48.1%), Guatemala ($-1.96M or -69.5%), and Indonesia ($-1.3M or -59.2%). In February 2024, the decrease in Cotton's year-by-year imports was explained primarily by a decrease in imports from Vietnam ($-19.6M or -46.2%), India ($-13M or -49.6%), and China ($-7.24M or -32.2%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$-5.25M(-19.8%)

IMPORT GROWTH (February 2023 - February 2024)$-10M(-13.9%)

MAIN DESTINATION (February 2024)United States$10.2M

This section shows Cotton's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Cotton over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$424M

IMPORTS (2022)$1.16B

NET TRADE (2022)-$732M

In 2022, South Korea exported $424M in Cotton. The main destinations of South Korea exports on Cotton were United States ($155M), Vietnam ($71.1M), China ($29.1M), Indonesia ($24.7M), and Guatemala ($17M).

In 2022, South Korea imported $1.16B in Cotton, mainly from Vietnam ($290M), China ($217M), India ($185M), Australia ($115M), and United States ($108M).

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