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2023
Flag → Flag
Exports $18.1BRnk 8 / 142
2023
Flag → Flag
Top Product $11.1BRefined Petroleum
2023
Flag → Flag
Exports $20.9BRnk 3 / 211
2023
Flag → Flag
Top Product $6.9BCoal Briquettes
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag
Economic Complexity (ECI) ECI -0.28Rnk 75 / 132
2023
Flag  
GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
 GDP$1.73TCURRENT US$
Rnk 13 / 195
2013-2023
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GDP GROWTH9.57%CURRENT US$
Rnk 156 / 195
2023
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GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
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GDP PC$64,821CURRENT US$
Rnk 16 / 196
2013-2023
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GDP PC GROWTH-4.94%CURRENT US$
Rnk 159 / 195

About

South Korea-Australia Trade: In 2023, South Korea exported $18.1B to Australia. The main products that South Korea exported to Australia were Refined Petroleum ($11.1B), Cars ($3.32B), and Self-Propelled Rail Transport ($255M). Over the past 5 years the exports of South Korea to Australia have increased at an annualized rate of 12.2%, from $10.2B in 2018 to $18.1B in 2023.

In 2005, South Korea exported services to Australia worth $488M, with Transportation ($252M), Travel ($111M), and Other business services ($79.8M) being the largest in terms of value.

Australia-South Korea Trade: In 2023, Australia exported $20.9B to South Korea. The main products that Australia exported to South Korea were Coal Briquettes ($6.9B), Iron Ore ($4.94B), and Crude Petroleum ($1.47B). Over the past 5 years the exports of Australia to South Korea have increased at an annualized rate of 0.84%,  from $19.9B in 2018 to $20.9B in 2023.

In 2009, Australia exported services to South Korea worth $1.45B, with Travel ($1.35B), Transportation ($53M), and Other business services ($11.9M) being the largest in terms of value.

Comparison: In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Australia ranked 75 in the Economic Complexity Index (ECI -0.28), and 20 in total exports ($374B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $1.15B and imported $2.29B from Australia, resulting in a negative trade balance of $1.14B. Between December 2023 and December 2024 the exports of South Korea have decreased by $-287M (-20%) from $1.44B to $1.15B, while imports decreased by $-784M (-25.5%) from $3.08B to $2.29B.

Trade In December 2024, the top exports of South Korea to Australia were Mineral fuels, mineral oils and products... ($870M), Cars, tractors, trucks & parts thereof. ($289M), Electrical machinery and electronics ($44.5M), Machinery, mechanical appliances, & parts ($36.2M), and Plastics & articles thereof ($25.4M). In December 2024 the top imports of South Korea from Australia were Mineral fuels, mineral oils and products... ($1.8B), Ores, slag and ash ($752M), Meat & edible offal ($226M), Precious stones, metals, & pearls ($117M), and Aluminum articles ($108M).

Growth In December 2024, the decrease in South Korea's year-by-year exports to Australia was explained primarily by an decrease in product exports in Cars, tractors, trucks & parts thereof. ($-49.1M or -14.5%), Precious stones, metals, & pearls ($-16.1M or -95.1%), and Railway and trams ($-13.7M or -51.4%). In December 2024, the decrease in South Korea's year-by-year imports  from Australia was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... ($-1.05B or -36.8%), Nickel articles ($-21.9M or -45%), and Cereals ($-21.2M or -29.3%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-287M(-20%)
IMPORT GROWTH (December 2023 - December 2024)$-784M(-25.5%)

This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot or any product to explore the exports or imports behavior of South Korea over time.

To check Australia and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Australia and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $18.1B to Australia. The main products exported from South Korea to Australia were Refined Petroleum ($11.1B), Cars ($3.32B), and Self-Propelled Rail Transport ($255M). During the last 5 years the exports of South Korea to Australia have increased at an annualized rate of 12.2%, from $10.2B in 2018 to $18.1B in 2023.

In 2018, Australia exported $20.9B to South Korea. The main products exported from Australia to South Korea were Coal Briquettes ($6.9B), Iron Ore ($4.94B), and Crude Petroleum ($1.47B). During the last 5 years the exports of Australia to South Korea have increased at an annualized rate of 0.84%, from $19.9B in 2023 to $20.9B in 2018.

Exports from South Korea (Flag) to Australia (Flag) (2023)

Exports from Australia (Flag) to South Korea (Flag) (2023)

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Australia
Top DestinationChina$137B

This map shows whether countries import more from South Korea or Australia. Each country is colored based on the difference in imports they receive from South Korea and Australia or the difference in the growth in imports.

In 2023, countries that imported more from South Korea than Australia included United States ($118B), China ($162B), and Hong Kong ($28.8B).

In 2023, countries that imported more from Australia than South Korea included Japan ($59B), Vietnam ($7.82B), and Switzerland ($5.71B).

Difference in imports from Australia (Flag) and South Korea (Flag) (2023)

Comparative Advantage South Korea - Australia

Flow
Scale

This chart compares trade between South Korea and Australia by product, considering products traded by both, South Korea and Australia.

During 2023, South Korea had a large net trade with Australia in the exports of Mineral Products ($11.2B), Transportation ($3.86B), and Machines ($1.07B).

During 2018, Australia had a large net trade with South Korea in the exports of Mineral Products ($15.2B), Animal Products ($1.7B), and Metals ($1.69B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Australia+$58.8MMotor vehicles; parts and accessories (8701 to 8705)
Top Product Potential Australia South Korea+$170MCrude Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of South Korea and Australia. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Australia. Similarly, a dot/product with the flag of Australia indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Australia (Flag) (2023)

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